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Inside the CFPB

February 18, 2020

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Lawmakers Question Abusiveness Standard, QM Revision

During a congressional oversight hearing, House Financial Services Committee members grilled CFPB Director Kathy Kraninger on the bureau’s interpretation of the abusiveness standard, plans to reform the qualified-mortgage rule and the controversial RESPA bulletin. Read More

CFPB Increases Fiscal Budget by 14%, Eyes Hiring

The consumer watchdog hiked its budget for 2020, taking its spending to levels last seen in 2017. Read More

Dems Seek Suspension of CFPB Consumer Law Task Force

Two top Democrats on the Senate Banking Committee are pressing for the immediate suspension of a newly-formed task force on federal consumer law. Read More

CFPB Launches Surveys to Gauge TRID Rule Impact

The bureau has released three surveys as part of its review of the integrated mortgage disclosure rule. According to comments received so far, the industry seeks clarity in the rule’s timing requirements. Read More

Bill Seeks to Ban Credit Bureaus from Creating Trigger Leads

Legislation was introduced in the House to prohibit credit bureaus from creating and selling trigger leads. Brokers support the bill. Read More

Credit Card Lawsuit Points to Enforcement Inconsistency

The CFPB late January sued Citizens Bank for alleged credit card errors. The lawsuit raises questions about consistency in the bureau’s enforcement strategy under its current leadership. Read More

CFPB Defends NY Challenge to its Funding Source

Before a district court in New York, the CFPB argued that its funding source, which falls outside the appropriations process, is constitutional. The case stems from a dispute arising out of a civil investigative demand. Read More

Fitch Wary of CFPB’s Pricing Threshold Proposal for QM

Fitch Ratings raised concerns about the CFPB’s plan to move away from the debt-to-income ratio in defining a qualified mortgage. It believes the DTI ratio is a better predictor of borrower default risk. Read More

Other News in Brief

CFPB-Education Department MOU; CFPB’s associate director for research, markets and regulation resigns; Puerto Rico reporting requirements; debt collection event. Read More

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