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Volume 25 - Number 18

September 1, 2014

ABA Urges OMB to Deep-Six CFPB Debt Collection Survey Request

The American Bankers Association has weighed in once again on the CFPB’s proposed information collection request filed with the Office of Management and Budget to survey consumers about their experience with debt collection – this time asking it be shut down entirely. In its first comment on an earlier iteration of the bureau’s request, the ABA expressed general support for a consumer survey. However, the industry group identified “significant design and methodological concerns” and suggested changes to the survey instrument and its administration that the banking industry believes will improve the integrity and practical utility of the proposed information collection. Unfortunately, in the revised proposal, the CFPB responds “only perfunctorily to stakeholder comments and reflects very little real change to the ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.


Yes, by a lot.


Yes and, heck, we may even do non-QM lending.


No, not at all.


No and we may even tighten credit.