The CFPB has created a new office within the supervision, enforcement and fair lending division to assign cases to the enforcement office. Critics say the change will weaken the bureau’s enforcement power.
The CFPB is asking stakeholders about the possible scope of data that consumers should be allowed to share via authorized third parties, and how much data should be considered “protected” subject to security and privacy concerns.
The regulator’s supervisory highlights report has identified violations of fair lending laws for the first time since September 2017, indicating a renewed interest in the issue.
The CFPB warned of market disruption if its past actions — which have led to numerous regulations governing the mortgage industry — are open to new interpretations.
In particular, industry groups like the idea that third parties, including trade associations, can submit advisory opinion requests on behalf of companies, but consumer groups have their doubts.
Brian Johnson, who was deputy director of the CFPB until recently, has called on the agency to rescind a 2015 bulletin that essentially killed marketing services agreements.
The purpose of the CFPB’s prioritized assessments is not to find violations, but to assess risks and to have a supervisory dialogue with the institution, according to bureau officials.
Democratic lawmakers have called for the resignation of CFPB Director Kathy Kraninger over the bureau's handling of the response to the coronavirus pandemic, particularly its oversight of mortgage servicers.
More than a dozen Democratic senators, led by Sen. Sherrod Brown, OH, have urged acting Comptroller Brian Brooks to confirm the OCC’s fair lending responsibilities.
It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue.
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