Week of June 26

CFPB takes action against ACI Worldwide for illegally processing $2.3 billion in mortgage payments that homeowners did not authorize

On June 27, the CFPB issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar).

By unlawfully processing erroneous and unauthorized transactions, ACI opened homeowners to overdraft and insufficient funds fees from their financial institutions. This order requires ACI, among other things, to pay a $25 million civil money penalty.

This is the CFPB’s first action addressing unlawful data handling practices in processing mortgage payments.

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Protecting consumers’ right to challenge discrimination

The CFPB filed an amicus brief to protect consumers’ right to challenge discrimination under the Equal Credit Opportunity Act. In this case, borrowers alleged that Emigrant Mortgage Company and Emigrant Bank targeted Black and Latino homeowners with abusive and predatory mortgage loans.

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FFIEC announces availability of 2022 data on mortgage lending

The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.

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Accepting applications for CFPB advisory committees

Beginning on Monday, July 3, we’re accepting applications to serve on our four advisory committees, which provide insight and advice as we carry out our work. Applications are due by July 16, 2023.

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The CFPB’s 2022 Fair Lending Annual Report to Congress

The CFPB released its Fair Lending Annual Report to Congress, describing its fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.

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Office of Research blog: How are mortgages with a COVID-related forbearance performing in 2023?

A new analysis from CFPB researchers finds that the majority of mortgage borrowers in forbearance during COVID-19 have since become current on their loans.

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