The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
The guidance will ease fears of over-stepping discrimination provisions for lenders interested in starting SPCPs, which various stakeholders believe hold promise in addressing racial homeownership gaps.
The CFPB has finalized a rule requiring open- and closed-end creditors to transition to a new index. The rule goes into effect on April 1 and provides examples of indices that are acceptable.
Two CBA executives argued that regulation by enforcement means compliant behaviors can change at a moment’s notice and cause confusion for the industry as firms try to interpret enforcement outcomes. Rulemaking and guidance, they believe, is the way to go.
A partner at Alston & Bird said the bureau’s orders to six tech firms operating payment systems may have violated the Paperwork Reduction Act. The rule requires months of public outreach and OMB approval before information collection requests can be sent.
The bureau held a press call last week discussing data on overdraft and NSF fees from two reports and outlining the steps it intends to take to reduce such fees. The reports show banks’ revenue from these fees is relatively stable, save for a significant drop in 2020.
Since a November congressional hearing, evidence that BNPL is here to stay has only grown. Consumer advocates are asking CFPB to step in and regulate the space.
Senate Democrats called on the CFPB to increase oversight of credit reporting agencies. The CFPB director, though, is skeptical of creating a government-run credit reporting agency.
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