A pending initiative on personal data rights will entail CFPB rulemaking paired with private sector standard-setting activities, allowing market developments to guide the path toward “open banking.”
An appeals court affirmed dismissal of enforcement claims brought by the CFPB because the bureau repeatedly refused to follow court instructions to answer questions in depositions.
During hearings this month, Republicans said a recent data breach at the CFPB resulted from poor cybersecurity practices. They also complained the agency took too long to inform Congress of the problem.
Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.
There’s confusion and ambiguity in the bureau’s new rule requiring data collection and reporting for small-business lending. And the CFPB director isn’t budging on the implementation timeline.
Lenders are concerned the Nationwide Multistate Licensing System’s proposed modernized mortgage business-specific licensee requirements are overly burdensome and confusing, and could introduce regulatory risks for lenders.
All House Republicans and 14 House Democrats voted to undo FHFA’s revision of GSE loan-level pricing adjustments. The bill would also require future changes to the grids to follow risk-based pricing.
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