The final rule is essential in helping to reduce risks of discrimination in automated-valuation models used in the mortgage market, according to CFPB Director Rohit Chopra and Deputy Director Zixta Martinez.
How the bureau delegates on rulemaking has changed in recent years under Rohit Chopra, according to John Tonetti, former senior policy analyst in the Office of Supervision Policy.
Pete Mills, a senior vice president at the Mortgage Bankers Association, said the registry is an “unnecessary and redundant move.” The final rule requires nonbanks to report to the CFPB any government or court orders penalizing them for violations of consumer protection laws.
The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.
Credit reporting inaccuracies are having a major impact on low-income consumers who are trying to find housing, according to participants at a recent CFPB Consumer Advisory Board Meeting.
The CFPB has a goal to close 65% of its enforcement investigations within two years of the start of an investigation. The agency has been nowhere near that goal in recent years.
Republican members of the House pressed CFPB Director Rohit Chopra on his international engagement last month, requesting he publicly disclose meetings held under an informal partnership between the CFPB and the European Commission.
RSS