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  CBA offers suggestions for Section 1033 rulemakingThursday, January 26, 2023 The Consumer Bankers Association sent a letter to the Consumer Financial Protection Bureau (CFPB) outlining specific recommendations to deliver a “well-founded, durable” Section 1033 rule. Section 1033 of the Dodd-Frank Act authorizes the CFPB to engage in rulemaking and enforcement regarding the security and accessibility of consumers’ personal financial data. The CFPB announced last year it had begun preliminary rulemaking procedures to promulgate a Section 1033 rule. |
 Court dismisses class action against OppFiThursday, January 26, 2023 A Texas federal court dismissed a class action suit against Opportunity Financial, LLC which alleged the fintech violated Texas usury law by charging interest on loans it made through a partnership with a state-chartered bank at rates above the maximum rate permitted by Texas law. The court adopted the report and recommendations of the magistrate judge which advised the complaint to be dismissed with prejudice. |
 NCRC sends 2023 policy agenda to 118th CongressThursday, January 26, 2023 The National Community Reinvestment Coalition (NCRC) sent its 2023 policy agenda to the 118th Congress. NCRC, which works with federal, state, and local agencies, non-profits, and private organizations to promote equitable and fair housing law and policies, is calling on the new Congress to do more to support low- and moderate-income communities. |
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Biden nominates Treasury OFR directorThursday, January 26, 2023 President Joe Biden announced his nomination for director of the Treasury Department’s Office of Financial Research. The nomination already received a negative response from congressional Republicans. |
Mortgage payments fell in DecemberThursday, January 26, 2023 Recent data from Mortgage Bankers Association’s Purchase Applications Payment Index found the national median payment applied for by applicants decreased in December.
Bank M&A activity hits five-year lowThursday, January 26, 2023 According to data from S&P Global Market Intelligence, banking sector mergers and acquisitions activity reached its lowest level in the past five years in 2022, even lower than pandemic-affected 2020.
 HUD announces new proposed AFFH ruleFriday, January 20, 2023 The Department of Housing and Urban Development announced the publication of a notice of proposed rulemaking for the Affirmatively Furthering Fair Housing provision of the 1968 Fair Housing Act. The rule, initially promulgated in 2015, then rescinded in 2020, is a major part of President Joe Biden’s housing initiatives.
 CFSA files response to CFPB’s SCOTUS petitionFriday, January 20, 2023 Community Financial Services Association of America filed its brief in opposition to the Consumer Financial Protection Bureau’s petition for certiorari to be heard by the Supreme Court. The opposition brief asks the court to let the Fifth Circuit decision stand; or, if the court does decide to hear the case, the brief implores the court not to examine the constitutional question.
 OCC, Fed approve Bank of the West, BMO Harris mergerFriday, January 20, 2023 Following months of deliberation and public hearings, the Office of the Comptroller of the Currency and the Federal Reserve gave approval for Chicago-based BMO Harris Bank to merge with San Francisco-based Bank of the West despite vocalized concerns from the public regarding potential negative impacts from the merger.
Judge approves class action suit against First GuarantyFriday, January 20, 2023 A lawsuit filed by former employees of First Guaranty Mortgage Corp. was granted class action status by a federal bankruptcy judge. The suit contends that the lender failed to comply with federal law when it laid off 471 employees “without cause” or notice in June 2022.
Fannie Mae picks five groups for $5M innovation challengeFriday, January 20, 2023 Fannie Mae announced its selection of five organizations to receive “deliverable-based contracts” as part of the Sustainable Communities Innovations Challenge, a nationwide competition to help advance racial equity in housing.
 CFPB plans to create a database of lender’s contract fine printTuesday, January 17, 2023 The Consumer Financial Protection Bureau (CFPB) proposed a new rule establishing a public registry of supervised nonbanks’ terms and conditions in “take it or leave it” form contracts claiming to waive or limit consumer rights and protections. The proposed rule would require supervised nonbanks to routinely submit information on their terms and conditions to the CFPB.
CrossCountry Mortgage accused of racketeeringTuesday, January 17, 2023 California-based lender American Mortgage Network (AMNet) filed a lawsuit in the U.S. District Court for the Northern District of Georgia charging CrossCountry Mortgage of racketeering in association with the poaching of employees and loans. AMNet also names a former employee and a CrossCountry executive as defendants in the lawsuit.
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