Among other changes, CHLA said the CFPB should allow a lender to reduce compensation to its employees for the purpose of being able to match a competing offer for a borrower an LO has been working with.
A judge allowed the CFPB to withdraw its amicus brief to the extent the brief discusses now-withdrawn advisory guidance but denied the bureau’s request to strike the brief from the docket.
The trade group’s call comes weeks after the CFPB hinted it may look to rescind its loan originator compensation rule.The trade association's new white paper comes weeks after the CFPB hinted it may look to rescind the LO Comp rule altogether.
Other courts could also determine that the CFPB’s withdrawn guidance can still be considered in legal matters, according to attorneys at the law firm of Holland & Knight.
The CFPB now estimates that only 5.8% of the U.S. adult population in 2010 was without a credit record — a decrease from an 11.0% estimate published by the bureau in 2015.