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Volume 30 - Number 3

February 11, 2019

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Payday Proposal Gets Rid of Underwriting Requirement

The CFPB may scrap the underwriting requirements of its 2017 payday lending rule, according to a proposal released last week. In the meantime, the rule’s compliance date has been pushed back to Nov. 19, 2020, from Aug. 19, 2019.

Credit Bureau Legislative Reform Gains Traction

Congressional lawmakers are placing credit bureau reform in the spotlight with a hearing scheduled before the House Financial Services Committee this month.

TRID Informal Guidance Addresses Waiting Period

The CFPB recently provided informal guidance in the form of frequently asked questions, addressing issues related to the integrated mortgage disclosure rule.

Mortgage Servicing Most Complained About Category

Mortgage complaints filed with the CFPB declined over the past two years, and the most-criticized category was mortgage servicing, according to a new snapshot.

IG Critical of CFPB’s Supervision Process

The Office of Inspector General has found that the CFPB did a poor job of ensuring that lenders who violate federal laws address the problems.

CFPB Urged to Oppose Higher Appraisal Threshold

Consumer groups have called on the CFPB to oppose a regulatory proposal which will significantly expand the number of non-agency mortgages that will not need a full appraisal.

States to Focus on Tackling Redlining, UDAAP Issues

State authorities will focus their enforcement actions this year on tackling redlining and unfair, deceptive and abusive acts or practices in order to fill the enforcement gap created at the federal level, industry attorneys predicted.

CFPB Targets Payday Lenders; Waters’ Inquiry

The CFPB has entered into a settlement with a group of offshore payday lenders who allegedly engaged in deceptive and unfair marketing and billing activities.

CFPB Seeks Comments on Credit Card Market

The CFPB is soliciting input from stakeholders regarding their experiences in the credit card market and on the overall health of the sector.

Other News in Brief

CFPB Updates Reference Chart for 2019 HMDA Data Collection; CFPB Sued for Withholding Records on its Decision to Stop Military Lending Act Supervision; CFPB Clarifies Participation in ‘Disclosure Sandbox.’


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.