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Inside the CFPB

October 12, 2020

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What Will Happen to CFPB If Biden Wins the Election?

Industry experts believe CFPB Director Kathy Kraninger’s job may be on the line if Joe Biden wins the presidential election. A few ongoing rulemakings also could be in trouble. Read More

CFPB Rescinds Controversial MSA Bulletin

The legality of marketing service agreements will now depend on how the MSAs are structured and implemented. But has the bureau’s interpretation really changed? Read More

CFPB Finds Compliance with TRID Rule Costly for Lenders

The CFPB found that the TILA-RESPA Integrated Disclosures rule improved prospective borrowers’ ability to understand mortgage transactions, but at a huge cost to originators. Read More

CFPB Issues Policy for Early Termination of Consent Orders

Eligible entities can apply for an early termination of consent orders, which typically have a five-year life span, along with strict reporting and record-keeping requirements. Read More

Consumer Advocates Raise Red Flags on Seasoned QMs

While lenders have recommended that a wider population of loans be eligible under the new QM category, consumer advocacy groups urged the CFPB to withdraw the proposal. Read More

Nonbank Servicer Oversight: A Step in the Right Direction?

The Community Home Lenders Association is pleased with the proposed scaled approach, which distinguishes between smaller, independent mortgage bankers and larger, more complex servicers. Read More

Fourth Circuit Revives RESPA Lawsuit Against Freedom Mortgage

The appeals court ruled that Freedom Mortgage, as a buyer of mortgage servicing rights, is liable for a missed property tax payment, even though the obligation remains with the original owner for a short period of time under the purchase agreement. Read More

CFPB Launches Crackdown on Abusive Debt Collection

Under Operation Corrupt Collector, the CFPB in September filed a lawsuit against five debt-collection companies for engaging in threatening and abusive practices. Read More

Other News in Brief

Significant structural changes at the CFPB under the Trump administration; CSBS allows consumer gripes on its examination platform; Ed Pinto complains about the QM patch. Read More

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