The CFPB is asking stakeholders about the possible scope of data that consumers should be allowed to share via authorized third parties, and how much data should be considered “protected” subject to security and privacy concerns.
With the initial 180-day forbearance plans coming to an end, Sen. Sherrod Brown, D-OH, is urging the CFPB to ensure borrowers are not victims of improper foreclosure practices.
Industry experts believe CFPB Director Kathy Kraninger’s job may be on the line if Joe Biden wins the presidential election. A few ongoing rulemakings also could be in trouble.
Eligible entities can apply for an early termination of consent orders, which typically have a five-year life span, along with strict reporting and record-keeping requirements.
While lenders have recommended that a wider population of loans be eligible under the new QM category, consumer advocacy groups urged the CFPB to withdraw the proposal.
Under the proposal, a bank’s mortgage lending activity will be evaluated using two metrics: the percentage of a bank’s mortgage loans made to borrowers in LMI census tracts and borrowers of different income and revenue levels.
The renewed push for a change to the LO compensation rule has been sparked by the current highly competitive market conditions, according to industry experts.
The CFPB’s consumer advisory committee has more consumer advocacy representatives than it has ever had under the Trump administration. Nine out of 12 members are from the consumer advocacy world.
Community banks expressed disappointment at the proposed outline, noting that the data collection and reporting mandates will undermine their relationship-based banking model.
RSS