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Volume 25 - Number 6

March 17, 2014

New CFPB Budget Emphasizes Consumer Response, Enforcement

The latest budget issued by the CFPB projects an 8.3 percent increase from $538.7 million in fiscal year 2013 to $583.4 million in fiscal year 2015. The programs with the most significant increases in funding are consumer response operations, up 84.8 percent over that time, and supervision, enforcement and fair lending, which will rise 65.6 percent. The emphasis on consumer response and enforcement is also reflected in the number of full-time employees (FTE) by program.

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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