The CFPB is likely to throw its weight around just as much this year as it did last year, only its focus and intensity will be more diverse in terms of the industries that will be affected. Back in 2014, much of the regulatory concern among lenders had to do with the bureau’s ability-to-repay rule with its qualified mortgage standard, and to lesser extents its rules on mortgage servicing and loan originator compensation. Make no mistake. The mortgage industry is still in the CFPB’s crosshairs. The biggest payload to be delivered in this regard in 2015 is the long-awaited and much discussed integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. That rule ...
The CFPB has reached out to sympathetic constituencies in search of more legal cases in which it can submit amicus, or “friend of the court,” briefs, a letter from the bureau suggests. The text of the letter was reproduced on a legal blog hosted by the consumer advocacy group, Public Citizen. “The bureau welcomes and encourages suggestions of cases as candidates for amicus curiae participation,” said the Dec. 17, 2014, letter, signed by Meredith Fuchs, general counsel, and Nandan Joshi, director of the amicus program. “We seek your recommendations as important stakeholders in the area of consumer finance.” The occasion precipitating the letter apparently was the three-year anniversary of the program. “Through the amicus program, the bureau has sought to ...
The Community Home Lenders Association, a national trade group representing small and mid-sized community-based nonbank mortgage lenders, is calling on the CFPB to set high uniform standards for all mortgage originators, such as testing, background checks, continuing education and licensing. “These basic requirements ... apply to virtually all professionals involved in real estate transactions and mortgages, as well as to all individuals at banks that sell securities or insurance,” the CHLA said in a recent letter…
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