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Connecticut federal court allows CFPB claims to proceed against mortgage company and principals for alleged licensing and other violations

CFPB Monitor

A Connecticut federal district court has refused to dismiss claims filed by the CFPB against a mortgage company and three of its principals for alleged Truth in Lending Act (TILA), Mortgage Act and Practice (MAP) Rule, and Consumer Financial Protection Act (CFPA) violations.

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NY DFS announces multistate investigation of payroll advance industry

CFPB Monitor

The DFS states that the investigation will focus on “whether companies are in violation of state banking laws, including usury limits, licensing laws and other applicable laws regulating payday lending and consumer protection laws.” Illinois Department of Financial Professional Regulation. Oklahoma Department of Consumer Credit.

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President Biden Issues Executive Order Directing HUD to Review Fair Housing Act Disparate Impact Rule

CFPB Monitor

As a result, the 2020 Rule will likely face an uphill battle to remain intact when reviewed by new HUD leadership. However, under the leadership of former Acting Director Mulvany, the CFPB indicated that it planned to reexamine its use of disparate impact analysis in light of Inclusive Communities.

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Facebook CEO Mark Zuckerberg Meets With Lawmakers, President

PYMNTS

Mark Warner of Virginia arranged for a dinner with the social media executive with other senators and told Fox Business Network, according to the report, “Facebook leadership realizes that failure to have federal legislation [on internet issues] is actually going to hurt them and the whole platform industry in the long run.”.

Meeting 116