The bureau is exploring the use of “Tech Sprints,” a model used in the United Kingdom for collaborative innovation, to promote regulatory compliance innovation.
The CFPB in a recent amicus brief defended states’ authority to bring parallel claims against financial institutions for unfair, deceptive and abusive acts or practices.
Buyers of mortgage servicing rights should be held responsible for violations that occur after the transfer, even if certain obligations were subcontracted out, the CFPB said in a recent court filing.
The CFPB has extended the comment period for its debt-collection proposal by 30 days and has reopened the comment period for its HMDA threshold proposal until October.
The CFPB will allow the GSE “patch” to expire as scheduled in January 2021. Industry stakeholders demand a transition plan to avoid a disruption in the market.
The Government Accountability Office has recommended the CFPB inform the credit reporting agencies its supervisory expectations to help them better comply with the law. Efforts to reform the current credit reporting system continue in Congress.
Lawmakers are seeking ways to better understand and regulate the use of alternative data in underwriting. Asking for express consumer consent and creating sandboxes are considered.
While industry groups support the CFPB’s plan to review rules that have significant economic impact on small entities, consumer groups suggest the bureau restrict the plan.
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