But the scope of the proposal amended in mid-August is much narrower than the original, exempting existing state licensees, including mortgage lenders and servicers, from the California Consumer Financial Protection Law.
In particular, industry groups like the idea that third parties, including trade associations, can submit advisory opinion requests on behalf of companies, but consumer groups have their doubts.
In a motion to partially dismiss, the CFPB is trying to blunt a challenge by consumer groups over the creation and composition of its consumer financial law task force, arguing they are not directly harmed.
Need help from the CFPB on RESPA? Maybe not. A lack of specific rules, in fact, has enabled innovation in how settlement service providers interact with each other and refer customers.
The CFPB extends the comment period on a request for information that aims to combat lending discrimination; consumers harmed by a mortgage modification service provider can now file claims; the bureau adopts an external peer review procedure; RFI issued on the CARD Act.
Mortgage industry groups want a transition period between the expiration of the GSE “patch” and the implementation of a revised general QM definition to minimize market disruption.
Brian Johnson, who was deputy director of the CFPB until recently, has called on the agency to rescind a 2015 bulletin that essentially killed marketing services agreements.
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