Today, the CFPB released its Fair Lending Annual Report to Congress, describing how we took action against unlawful discrimination and advanced access to fair credit in calendar year 2023. The CFPB used every tool at our disposal to carry out our fair lending work, from enforcement and supervision to guidance and rulemaking, including close coordination with our state and federal partners.
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase from the 97.2 percent in fourth quarter 2023, and a decrease from the 97.6 percent a year ago.
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB v. CFSA. The Texas court also required the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed. Today’s interim final rule follows the recent Supreme Court decision in CFPB v. CFSA.
The United States Court for the Western District of Virginia recently granted a foreclosure firm’s motion to dismiss on the grounds that the firm’s representation of a lender did not violate the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq.
Today, the Consumer Financial Protection Bureau approved a new rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.
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