In particular, industry groups like the idea that third parties, including trade associations, can submit advisory opinion requests on behalf of companies, but consumer groups have their doubts.
In a motion to partially dismiss, the CFPB is trying to blunt a challenge by consumer groups over the creation and composition of its consumer financial law task force, arguing they are not directly harmed.
Need help from the CFPB on RESPA? Maybe not. A lack of specific rules, in fact, has enabled innovation in how settlement service providers interact with each other and refer customers.
Mortgage industry groups want a transition period between the expiration of the GSE “patch” and the implementation of a revised general QM definition to minimize market disruption.
Brian Johnson, who was deputy director of the CFPB until recently, has called on the agency to rescind a 2015 bulletin that essentially killed marketing services agreements.
The idea behind the proposed pricing approach is to prevent market disruption and extend mortgage credit to consumers who are currently excluded due to strict underwriting requirements.
Section 1033 of the Dodd-Frank Act ensures consumers have access to, and the ability to leverage, data in their records. The question is how much data consumer-authorized third parties can access from bank accounts.
It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue.
It is no longer “unfair and abusive” for lenders to make short-term or longer-term balloon-payment loans without reasonably determining that consumers will have the ability to repay the loans.
Democratic lawmakers believe the federal preemption asserted by the OCC will undercut state and local agencies’ efforts to protect homeowners from foreclosures.
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