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Volume 30 - Number 01

January 14, 2019

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CFPB Assesses ATR/QMs, ‘GSE Patch’ and Servicing

The CFPB, in an assessment report last week, underscored the need to resolve the status of the temporary government-sponsored enterprises “patch” under the ability-to-repay and qualified mortgage rule.

CFPB Issues Rules on Public Release of Loan Data in 2019

The CFPB has restricted public disclosure of certain mortgage data collected by lenders in 2018 under the Home Mortgage Disclosure Act.

In 2019, CFPB to Enforce the Law, Encourage Innovation

In a New Year’s message, Director Kathy Kraninger said the CFPB will “vigorously enforce the law” and encourage market innovation.

Industry Says CFPB Should Protect Consumer Data

The CFPB should take steps to limit the data collection burden on industry and protect data security, industry groups said in response to a request for information regarding data collections.

Judges Skeptical About CFPB For-Cause Removal

The CFPB defended its constitutionality in an oral argument last week before the U.S. Court of Appeals for the Ninth Circuit, but judges took issue with the for-cause removal provision.

CFPB Should Clarify ATR for Non-QMs, Says Milken

The CFPB should clarify the ability-to-repay liability for non-qualified mortgages, the Milken Institute said in a recent report.

Consumer Groups Seek Limits on Debt Collectors

Consumer advocacy groups have urged the CFPB to impose strict limits on debt collection agencies in order to protect consumers from abusive practices.

USAA to Pay $15.5 Million in Fines, Restitution to Clients

The CFPB has ordered USAA Federal Savings Bank to pay $15.5 million in restitution and fines to settle claims it neglected consumers’ stop payment requests and reopened accounts without consent. The consent order is the first one under the leadership of Director Kathy Kraninger.

CFPB Must Prioritize Consumer Risks, Says GAO

The CFPB lacks a systematic process to prioritize consumer risks and use all of its tools to address them, the U.S. Government Accountability Office said in a recent report.

Consumer Complaints Down in 4Q18, But Up Last Year

Consumer complaints across major categories saw double-digit declines in the fourth quarter, according to a new analysis by Inside the CFPB. [Includes one data chart.]

Other News in Brief

CFPB Receives Funding for Second Quarter of Fiscal 2019; CFPB Issues 2018 Annual Employee Survey; Mortgage Servicing Rules Apply to Servicers Only: Court Ruling.

Poll

Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.
Time for a change. Borrowers are different today.
Undecided, still assessing the situation.

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