Sen. Tim Scott, R-SC, chair of the Senate Committee on Banking, Housing and Urban Affairs, said the move wouldn’t affect the CFPB’s existing ability to request funds from Congress.

The legislation cleared the House Committee on Financial Services with a 46-0 vote this week against opposition from credit bureaus.

Alarmed by the administration’s repeated references to ending the conservatorships of Fannie Mae and Freddie Mac, leading Democrats in the Senate are attempting to tap the brakes.

The bureau could rescind the 2014 loan originator compensation rule, likely creating challenges for the industry, according to attorneys.

The non-qualified mortgage market is growing in step with the gig economy, according to industry leaders.

Mortgage companies continue to rely on institutional investors to purchase their corporate note offerings. But borrowing costs are on the rise.

The CFPB has sent five regulations to the Office of Management and Budget for review, including the loan originator compensation and mortgage servicing rules.

The trade group said federal banking regulators have shifted from relying on evidence of intentional discrimination to bring redlining claims to using a “proportional distribution test.”

Debt-to-income ratio was cited as the top reason by lenders when rejecting applications for purchase mortgages in 2024, while lack of credit history was the top factor for refinance denials. (Includes data table.)

A trade group representing residential Property Assessed Clean Energy financial providers filed a lawsuit against the final rule, which is set to take effect in early 2026.