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Inside the CFPB

June 22, 2020

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CFPB Proposes Changes to QM Rule and GSE Patch

The CFPB wants to replace the debt-to-income ratio limit with a price-based threshold in the general qualified-mortgage definition. The bureau also proposed extending the GSE patch until the effective date of a new QM definition. Read More

CFPB Launches Program to Tackle Regulatory Ambiguity

The pilot program will provide customized advice to help financial institutions better understand their regulatory obligations. However, consumer groups said interpretations are better made via notice and comment. Read More

House Democrats Seek to Overturn OCC’s CRA Rule

The Congressional resolution to invalidate the “rushed out” CRA revamp is viewed as largely symbolic and unlikely to find support in the Senate. Read More

Consumer Groups Sue CFPB Over its Task Force Make-Up

Consumer advocacies claim the CFPB task force on consumer financial law does not serve a public interest and has violated the Federal Advisory Committee Act by operating behind closed doors. Read More

Republicans Introduce Bill to Change CFPB Structure

The legislation is aimed at replacing the CFPB’s single director with a five-member bipartisan commission. Meanwhile, the Supreme Court is close to ruling on the constitutionality of the CFPB. Read More

Guidance on Title Insurance Needless, Says Industry

Industry trade groups have criticized the CFPB for issuing guidance that is largely repetitive. They want the agency to fix disclosure issues regarding title insurance premiums. Read More

CFPB Decodes How Servicers Should Report Forbearance

The CFPB clarified that furnishing a special code for tasks, such as disaster relief, is not a substitute for complying with CARES Act’s credit reporting requirements. Read More

California Proposes Final Data Privacy Regulation

Financial institutions are rushing to iron out any remaining compliance wrinkles before the California Consumer Privacy Act comes into effect on July 1. Read More

Other News in Brief

Mortgages continue to top the list of COVID-19-related complaints; tool to combat elder fraud launched; state regulators form a pandemic steering group; California Assembly Bill 2501 fails to pass. Read More

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