On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in Cantero v. Bank of America reversing the Second Circuit’s holding that a New York State law which requires the payment of 2% interest on mortgage escrow accounts is preempted because such law exercises control over a federal power, regardless of the magnitude of its effects.… Continue Reading
Credit score report released
Two days before its July 21 debut, the CFPB released a report on credit scores that describes the industry and credit scoring process, examines the ways credit scores are obtained and used, and discusses the differences between scores obtained by consumers and creditors.. Dodd-Frank required the CFPB to study those differences and whether they disadvantage consumers. … Continue Reading
