The proposed rulemaking only addresses the question of whether it would be appropriate in light of the effects of the pandemic to allow creditors to continue making QMs under the debt-to-income ratio rule.
The bureau has clarified that prohibitions against discrimination found in the Equal Credit Opportunity Act and Regulation B include bias against sexual orientation and gender identity.
Even though the delay was more or less expected, industry watchers said the CFPB’s plan to reconsider the revised general QM final rule throws the industry deep into regulatory uncertainty.
The Financial Data and Technology Association believes this is the best way to address companies’ concerns regarding third-party supervision issues associated with financial data access.
In keeping with its stated priority of addressing discrimination, the CFPB recently sued bail bond company Libre for allegedly preying on immigrants held in federal detention centers.
The state’s Community Reinvestment Act and banking laws should be amended to include both nonbank mortgage lenders and banks, the state’s Department of Financial Services said in a recent report.
The CSBS believes networked supervision will give states new capabilities for managing risk and increasing data flow and partnership opportunities with states’ federal counterparts.
Regulatory examinations for loan servicers in California will now include a process to determine compliance with both state and federal laws regarding COVID-19-related foreclosures.
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