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Inside the CFPB

February 26, 2024

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Chopra Strongly Questions Appraisal Foundation President

David Bunton, who has been serving as president of the Appraisal Foundation for more than 33 years, was recently thoroughly questioned by CFPB Director Rohit Chopra regarding transparency, conflict of interest and selection of his successor. Bunton is set to retire this year. Read More

ABA Questions Use of Guidance Instead of Rules

The American Bankers Association in a series of letters to the CFPB and other federal regulators raised concerns over “characterizing as guidance what is in practice a legislative rule” that is required to go through a formal notice-and-comment rulemaking. Read More

Barriers to Construction Loan Disclosure Pilot Participation

Richard Horn, a partner at the law firm of Garris Horn, said a huge barrier to participating in this program is whether software exists to populate forms in the manner described in the template. Read More

Federal Regulators Issue Appraisal Exam Principles

The statement on principles relates to the examination of lenders’ residential property appraisal and evaluation practices. Federal regulators believe it will help lenders mitigate risks due to potential discrimination or bias in appraisal practices and to promote credible valuations. Read More

CFPB Updates Procedures to Appeal Supervisory Decisions

The update, the first in nine years, broadens the pool of CFPB officials eligible to evaluate appeals, the options for resolving appeals and the matters subject to appeals. Read More

EWA Providers Ask to be Regulated by CFPB

Providers of earned wage access products are seeking federal oversight in an effort to avoid a patchwork of state requirements. Read More

Survey Finds Smaller Credit Card Issuers Have Better Rates

The CFPB survey found that large credit card issuers offered worse interest rates than smaller issuers across credit score buckets. Read More

Other News in Brief

Former HUD officials launch new compliance consulting firm; CFPB issues CID to Honda Finance; CFPB seeks further auto finance data; bureau to distribute funds to consumers harmed by debt relief company. Read More

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