Acting CFPB Director Mick Mulvaney recently announced that the consumer agency will resume the collection of private consumer data. He curbed data collection immediately after he took over the CFPB last year due to cybersecurity concerns. “Out of an abundance of caution and a desire to protect Americans’ privacy, I placed a hold on the collection of personally identifiable information and other sensitive data,” Mulvaney said in a memo to the CFPB staff ...

In response to a request for information on external engagements, both industry groups and consumer advocates want the CFPB to increase external engagement and pay more attention to it. The agency now has four advisory groups – the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council and the Academic Research Council. The bureau also uses other forums such as town hall meetings and field hearings to obtain ...

Most of the mortgage provisions in the recently enacted Dodd-Frank reform act will not take effect immediately and will require action by the Consumer Financial Protection Bureau.

Provisions to protect VA borrowers from abusive lending are now in effect after President Trump signed into law a broad regulatory relief package last week. The VA measures are part of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, which the U.S. Senate passed on March 14 and the House approved on May 22. The bipartisan measures became effective for VA loan applications taken on or after May 25, 2018. They were part of the bipartisan Protecting Veterans from Predatory Lending Act, which Sens. Thom Tillis, R-NC, and Elizabeth Warren, D-MA, introduced in January and later incorporated in S. 2155. The bill was designed to protect VA borrowers from loan churning or serial refinancing and specifically targeted the VA’s Interest Rate Reduction Refinance Loan program, where the churned VA loans ended up. According to the agency, such practices not ...

The tailored Dodd-Frank reform bill signed into law by President Trump this month should be a boon to investors in Ginnie Mae securities because it will reduce loan churning, but there could be some bumps along the road until all the details are ironed out.

Acting CFPB Director Mick Mulvaney said last week that the bureau will reexamine Obama-era regulations that protect consumers from discrimination in credit transactions. Mulvaney released a statement praising efforts by Congress and the White House to repeal bureau guidance that suggests indirect auto lenders are subject to liability under the Equal Credit Opportunity Act. He then said the bureau will reexamine the requirements of the ECOA ...

Congress has sealed the deal on Dodd-Frank reform with a 258-159 vote last week in the House. Thirty-three House Democrats voted in favor of the reg relief bill, which President Trump promptly signed into law. The Economic Growth, Regulatory Relief, and Consumer Protection Act passed the Senate in March on a bipartisan 67-31 vote. The House approved S. 2155 last week without making any amendments. …

Small nonbanks want the CFPB to exercise the risk-based approach to supervision mandated by the Dodd-Frank Act, arguing that regulators don’t understand the sector’s business model. A group of over 50 lenders sent a letter to the CFPB last week asking the bureau to exempt smaller independent mortgage bankers from its examinations and audits. They argued that the Dodd-Frank Act requires the agency to exercise risk-based supervision, taking into ...

The House this week approved the Senate’s regulatory relief legislation, sending the package of targeted changes to the Dodd-Frank Act to the White House. With help from 33 Democrats, the measure cleared the House, 258-159, on Tuesday.

In response to the CFPB’s second request for information on adjudication proceedings, industry groups want more cautious and fair adjudications, while consumer advocates oppose any scale-back of enforcement through adjudications. The 2010 Dodd-Frank Act, which created the CFPB, allows the bureau to enforce consumer financial protection laws through two different means. One is to file an action in U.S. district court, and the other is to initiate an adjudication proceeding ...