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Inside the CFPB

January 21, 2020

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Kraninger Letter Assures ‘GSE Patch’ will be Extended

Loans that qualify for purchase by the GSEs will continue to be exempt from the 43% debt-to-income ratio cap. This development was not unexpected. In July, the CFPB said it would consider a short extension. Read More

California Becomes Latest State to Create Mini CFPB

After Pennsylvania, New Jersey and New York, the Golden State will be the fourth state to establish a state-level agency to boost consumer financial protection. Read More

Seila Law Case ‘Remarkably Weak,’ Says CFPB Defender

The court-appointed CFPB defender said the petition challenging the bureau’s structure is “remarkably weak.” According to him, there is no basis “to take the grave step of invalidating an act of Congress.” Read More

Mortgage Complaints Plunge to Record Low in 4Q19

Consumer complaints filed with the CFPB regarding mortgages hit a record low in the final quarter of 2019, with double-digit declines in two categories. (Includes two data charts.) Read More

BofA Gets Immunity Against RESPA Enforcement Actions

The CFPB granted a no-action letter to Bank of America regarding its funding arrangement with HUD-certified housing counseling agencies. It marks the second no-action letter under the revised policy. Read More

CFPB’s Task Force Selection Draws Criticism

The bureau has picked a longtime critic to chair its task force to review federal consumer financial laws. The move has consumer advocates up in arms. Read More

Fed’s CRA Reform Approach At Odds with FDIC, OCC

A Fed governor introduced the metric-based approach to reform the Community Reinvestment Act, which would assess mortgage lending to both low- and moderate-income borrowers and LMI communities. Read More

CFPB Sues Mortgage Firms for Credit Report Fraud

The consumer watchdog sued two mortgage-related companies for allegedly selling credit reports they obtained under false pretenses to debt relief companies for their marketing purposes. Read More

Democrats Urge IG to Probe CFPB’s Restitution Stand

Senate Democrats urged the inspector general to investigate standards the bureau uses to calculate consumer restitution. Read More

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