Few entities are likely to benefit from the proposal made under the Economic Growth, Regulatory Relief and Consumer Protection Act.

The CFPB issues interpretive rule for determining "underserved areas" under Regulation Z; the CFPB and the OCC to host joint, virtual innovation office hours on July 29 and 30.

The CFPB wants to replace the debt-to-income ratio limit with a price-based threshold in the general qualified-mortgage definition. The bureau also proposed extending the GSE patch until the effective date of a new QM definition.

The pilot program will provide customized advice to help financial institutions better understand their regulatory obligations. However, consumer groups said interpretations are better made via notice and comment.

The Congressional resolution to invalidate the “rushed out” CRA revamp is viewed as largely symbolic and unlikely to find support in the Senate.

Consumer advocacies claim the CFPB task force on consumer financial law does not serve a public interest and has violated the Federal Advisory Committee Act by operating behind closed doors.

Industry trade groups have criticized the CFPB for issuing guidance that is largely repetitive. They want the agency to fix disclosure issues regarding title insurance premiums.

Some trade and consumer groups also expressed concerns over the timing of the request for information, calling upon the CFPB to extend the comment period.

The Office of the Comptroller of the Currency last week went it alone to finalize its Community Reinvestment Act overhaul. The final rule would restore the geographic distribution test for mortgage lending.

The CFPB recently issued guidance to provide flexibility to credit card issuers in resolving billing disputes with small businesses impacted by the coronavirus pandemic.