The CFPB finalized its qualified-mortgage revisions to replace the 43% debt-to-income ratio with a pricing threshold. Meanwhile, the agency also finalized its “seasoned” QM rule allowing certain non-agency loans to become QMs if they meet performance requirements.
In the new year, the CFPB will propose changes to its loss-mitigation rules to govern how residential servicers work with borrowers affected by natural disasters and other emergencies.
Industry groups and consumer advocates have asked the CFPB to provide guidance on how lenders can affirmatively advertise to disadvantaged groups while staying in compliance with fair lending laws and regulations.
The final rule outlines the steps collectors must take to inform borrowers about an existing debt and prohibits vendors from bringing legal action over time-barred claims. But neither industry nor consumer groups are happy.
In a review report, small entities asked the CFPB to draft simple regulations to implement small business lending data collection requirements to reduce compliance burden and expand credit access.
Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.
The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.
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