Industry attorneys believe the CFPB will appeal a Fifth Circuit opinion finding its funding structure unconstitutional. They expect the fight to end in some form of legislative arrangement.
The bureau wants to know how it can make it easier and less risky for consumers to refinance their mortgages, and how it could spur the creation of new products.
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.