Lawmakers, led by Sen. Sherrod Brown, D-OH, are urging Director Kathy Kraninger to not weaken the bureau’s ability to identify discriminatory lending patterns, particularly during the pandemic.
A former economist at the CFPB on his last day accused Trump appointees at the bureau of manipulating the research process to justify the payday lend-ing rule overhaul, according to a leaked memo.
There is no doubt the CFPB will extend the qualified-mortgage patch, but whether it will push ahead with changes to the framework is another question, according to industry attorneys.
Consumer complaints filed with the CFPB reached a record high in the first quarter of 2020 driven by a surge in credit reporting complaints, according to a new analysis by Inside the CFPB. (Includes data chart.)
Amid talk about regulatory delays due to the lockdown, the CFPB finalized a rule on collecting and reporting data under the Home Mortgage Disclosure Act. More rulemaking could follow.
Banks can delay getting an appraisal for certain real estate-related transactions for up to 120 days after a mortgage closes. The leeway applies only to portfolio loans.
The CFPB has called upon borrowers to exercise caution before requesting forbearance, noting that they will have to repay any missed or reduced payments.
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