The CFPB appears to be having a hard time holding on to some of its top officers who are leaving for more lucrative jobs in the private sector. Then again, no one really expected the government agency to have much luck competing against the deep pockets of megabanks like Wells Fargo. This month alone, Wells Fargo recruited two bureau executives who were considered among its very best, at least in the mortgage space: Lisa Applegate, who was in charge of mortgage rule implementation at the agency, and Pete Carroll, assistant director for mortgage markets.

New regulations on payday lending will be coming from the CFPB at some point, after the bureau issued a report last week that found that 80 percent of all payday loans are rolled over or renewed within 14 days. Further, the bureau found that the majority of such loans are made to borrowers who end up paying more in fees than the amount of money originally borrowed. “One could readily conclude that the business model of the payday industry depends on people becoming stuck in these loans for the long term,” said CFPB Director Richard Cordray in releasing the report.

The CFPB is beginning to look into abandoned properties and the phenomenon known as “zombie” foreclosures, a top bureau official indicated recently. “The term zombie foreclosure refers to a situation in which a borrower has moved out of a home after the lender has started a foreclosure,” according to attorney Michael Waldron, a partner and practice leader of the mortgage banking unit at Ballard Spahr. However, “because the lender did not complete the foreclosure, title was never officially transferred and remains with the borrower, who may be unaware that the foreclosure was never completed.”

The Republican-controlled House Financial Services Subcommittee on Oversight and Investigations plans to hold a hearing on allegations of discrimination and retaliation within the CFPB on the morning of April 2, 2014. “Committee staff has received corroborating information from a CFPB employee who alleges she has experienced gender discrimination and retaliation for filing an Equal Employment Opportunity complaint with the CFPB’s Human Capital Office,” said a committee memorandum accompanying the committee’s announcement.

House Republicans have found – or been given – yet another axe to grind against the CFPB: the confidentiality or downright secrecy associated with the bureau’s advisory council meetings. Currently, the CFPB has four such groups: the Community Bank Advisory Council, the Credit Union Advisory Council, the Academic Research Council and the Consumer Advisory Board. The groups are made up of industry representatives, consumer activists and academics.

CFPB staff members were in Los Angeles earlier this month to show interested members of the public a pair of potential disclosures the bureau may propose for use on the packaging of prepaid cards. “We’re developing new disclosures as part of a larger project that will provide a variety of protections for prepaid card users,” said Eric Goldberg, a counsel in the CFPB’s Division of Research, Markets & Regulations, in a recent blog post. The bureau is expecting to propose a rule on the topic later this spring. Currently, each prepaid card company’s retail package discloses different information, which makes it difficult to do side-by-side comparisons.

Of the more than 30,000 consumers complaints the CFPB has received about debt collection, more than one third said the debt is not owed, and most of those said the debt was never theirs to begin with, the bureau said in a recent report. Among other top gripes, nearly a quarter of the complaints received by the bureau were about debt collectors using inappropriate communication tactics. More than half of those complaints cited frequent or repeated calls from a collector and often the collector had called the wrong phone number. “Consumers also complain about debt collectors calling their places of employment or collectors using obscene, profane or abusive language,” the CFPB said.

Nearly a quarter (24 percent) of all purchase loans funded by Fannie Mae and Freddie Mac have a debt-to-income ratio greater than the qualified mortgage limit of 43 percent, according to the February 2014 National Mortgage Risk Index released by the conservative American Enterprise Institute’s International Center on Housing Risk. Researchers found no discernible impact on the purchase loan market from the CFPB’s QM regulation.“In February, half of agency loans had a down payment of 5 percent or less, nearly one-in-four agency loans had a DTI ratio greater than 43 percent, and one-in-eight agency loans had a FICO score of less than 660,” the AEI said.

The CFPB issued its first Freedom of Information Act report last week, finding that the bureau’s average response time for all simple “processed perfected requests” was 8.36 days with virtually no backlog.The average response time for complex requests was 31 days. The bureau defines a “processed perfected request” as “a request for records which reasonably describes such records and is made in accordance with published rules stating the time, place, fees (if any) and procedures to be followed,” and for which the bureau has taken final action in every respect.

The CFPB and five other federal financial regulators issued a proposed rule last week that would implement minimum requirements for state registration and supervision of appraisal management companies. The minimum requirements would apply to states that voluntarily elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs. Under the proposed rule, participating states would require that an AMC register in the state and be subject to its supervision, and use only state-certified or licensed appraisers for federally related transactions, such as real estate-related financial transactions overseen by a federal financial institution regulatory agency that require appraiser services.