CFPB Director Rohit Chopra explains how the bureau’s recent big moves are tied to his views on the functioning and regulation of consumer financial markets and products.
Rep. Maxine Waters, D-CA, introduced a bill this month to vastly expand how much data financial institutions report to receive their Community Reinvestment Act ratings. The bill would mandate negative rating credit for any known discriminatory behavior.
Researchers have found that as nonbank mortgage lenders increase their market share in a county, the frequency of mortgage-related complaints filed with the CFPB decreases.
Attorneys for law firm Garris Horn said lenders should take certain steps to protect themselves against redlining accusations by regulators, recommending lenders virtue signal more often.
Chuck Cross of the Conference of State Bank Supervisors said the new eligibility standards jointly issued by the Federal Housing Finance Agency and Ginnie Mae for nonbank mortgage companies could spur updates to harmonize model standards for states.
Banking trade groups contend that the Fair Credit Reporting Act shouldn’t be read to hold credit reporting agencies responsible for incorrect information if the data comes directly from a furnisher.
William Kidwell, a Colorado-based mortgage originator, wants the CFPB to change six rules that he believes are stacked against smaller brokerage shops.
Kaitlyn Cherry, licensing director and corporate counsel at Guild Mortgage, called for the creation of a temporary authority sponsorship acceptance period, among other improvements.
An executive at tech vendor Stavvy said the CFPB, instead of acknowledging the work done by servicers during the pandemic, was focusing on one or two servicers whose response time may have lagged.
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