On March 31, 2023, the CFPB released its annual consumer complaints report. Although there was a significant increase in non-mortgage related complaints, the volume of mortgage-related complaints decreased compared to previous years. The CFPB contacted companies for review and response for approximately 23,600 (or 81%) of the 29,100 mortgage complaints they received in 2022.
The California Department of Financial Protection and Innovation (DFPI) recently issued a Notice of Modification to Proposed Regulations and published the newly modified proposed regulations to amend its student loan servicing regulations. Among other things, the modified regulations would expand the definition of “income share agreement,” impose additional rules related to responding to a borrower’s