Recent structural changes and new priorities at the Consumer Financial Protection Bureau will significantly reduce the bureau’s ability to police discriminatory lending, the Brookings Institute said.
The Garden State is following in the footsteps of Pennsylvania, which created a Consumer Financial Protection Unit last July and hired a former CFPB attorney to lead the initiative.
The Community Home Lenders Association called for regulatory streamlining for smaller independent mortgage bankers in a comment letter to the CFPB in response to its request for information on enforcement and supervision. The CHLA, which claims to be the only national association that exclusively represents IMBs, said the bureau should reduce burdens and compliance risks faced by IMBs “through targeted CFPB exam and enforcement exemptions.” Under current law, every nonbank ...
States are dedicating more resources for consumer protection in financial services to fill the vacuum of a potentially less aggressive CFPB. New Jersey Attorney General Gurbir Grewal, D, recently said in a press release that he and Gov. Phil Murphy, D, will “fill the void left by the Trump administration’s pullback of the Consumer Financial Protection Bureau,” and create what they referred to as a “state-level CFPB.” Murphy will name Paul Rodriguez as the director of the New Jersey Division of Consumer Affairs ...