The third meeting this year between officials of the CFPB and the CMLA focused on the loan originator compensation rule. The trade group noted that bureau Director Kathy Kraninger is open to industry feedback.
The Federal Deposit Insurance Corp. voted unanimously to approve a rule that would expand the universe of non-agency mortgages that don’t require an appraisal. Consumer groups are angry that CFPB supports it.
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.
Trade Group Seeks LO Compensation Rule Change; MBA Releases New Paper on CFPB Reforms; CFPB Issues Annual Debt Collection Report; Trump’s 2020 Budget Puts CFPB Under Congressional Appropriations,
In the latest installment of its “prevention of harm” philosophy, the CFPB criticized servicers for their handling of Home Equity Conversion Mortgages but failed to levy penalties, according to the bureau’s recent supervisory highlights report.
CFPB Director Kathy Kraninger faced criticism from Democrats on the Senate Committee on Banking, Housing, and Urban Affairs about recent bureau activities related to fair lending sanctions, the Military Lending Act examination and the new payday lending rule proposal.