Politics

Rohit Chopra, the director of the Consumer Financial Protection Bureau, weighed in on credit card late fees, an upcoming open banking rulemaking and the chaos that could result if the Supreme Court defunds the agency.

The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency's work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case that could defund the bureau.

The Federal Reserve vice chair for supervision said regulators will adapt supervisory practices to account for advancements in machine learning.

The agency co-filed an amicus brief in a case involving a "commercial" lien that could have implications on how the Truth in Lending Act might be enforced based on a loan's purpose, rather than classification.

Consumer Financial Protection Bureau Director Rohit Chopra will engage in informal talks with Didier Reynders, the European Commission's commissioner for justice and consumer protection, on artificial intelligence, buy now/pay later and digital payments.

In an amicus brief submitted to the Supreme Court Tuesday, the bicameral group of 132 Republican members of Congress argued that an appeals court was right to rule last year that the Bureau's funding system is unlawful.

A majority of people said they are willing to consider purchase of modern prefabricated housing, but local zoning laws currently hold back growth and development outside of rural areas.

Rising interest rates are putting pressure on multifamily housing borrowers — especially investors who were looking for a quick return.

As President Biden tries to revive a key campaign promise to provide widespread debt relief to student-loan borrowers after a Supreme Court setback, legal experts warn that he's likely to encounter a fresh wave of lawsuits challenging his authority to act without congressional approval.

Also, Fannie Mae on climate risk and a non-QM product lenders are loving right now.

The payment supplement partial claim the Federal Housing Administration proposed could be effective but not as is, according to the Mortgage Bankers Association and two other groups.

Higher capital requirements tend to drive certain lending activities away from banking and toward so-called shadow banks. How regulators shore up banks without driving their customers away is the source of a spirited philosophical debate in Washington.

Yellen said that she sees diminishing risk for the U.S. to fall into recession, and suggested that a slowdown in consumer spending may be the price to pay for finishing the campaign to contain inflation.

Transgender and nonbinary people who switch their names to fit their gender identity must send documentation to all three national credit bureaus in order to avoid a hit to their credit — and many aren't aware of the need to do so.

The Federal Housing Administration plans to review and possibly adjust the large loan limit, which determines which mortgages need additional underwriting more regularly going forward.

The proposed legislation from Tennessee Republican John Rose calls for limiting the sale of consumer information to mortgage lenders, but includes stipulations for those with existing relationships.

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.

Nonbanks in home lending rely heavily on this type of funding and are carefully watching rules for depositories that offer it as the industry consolidates.

After holding at its last meeting, the Federal Open Market Committee may decide to raise rates again in July.

The legislation has support among Republicans, who hold a slim majority in the chamber.