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Inside the CFPB

March 1, 2021

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CFPB Delays QM Rule Start Date, Creating Uncertainty

Even though the delay was more or less expected, industry watchers said the CFPB’s plan to reconsider the revised general QM final rule throws the industry deep into regulatory uncertainty. Read More

Data Aggregators Are Asking to Be Supervised by the CFPB

The Financial Data and Technology Association believes this is the best way to address companies’ concerns regarding third-party supervision issues associated with financial data access. Read More

MBA Supports Fed’s CRA Plan But Wants Uniformity

The Federal Reserve, the OCC and the FDIC need to work together to create uniform and consistent anti-redlining laws, according to the MBA and the CSBS. Read More

CFPB Files First Enforcement Action Under Biden, Sues Libre

In keeping with its stated priority of addressing discrimination, the CFPB recently sued bail bond company Libre for allegedly preying on immigrants held in federal detention centers. Read More

New York DFS Fines One Lender, Investigating Others

The state’s Community Reinvestment Act and banking laws should be amended to include both nonbank mortgage lenders and banks, the state’s Department of Financial Services said in a recent report. Read More

State Regulators Plan to Put in Place Streamlined Exams

The CSBS believes networked supervision will give states new capabilities for managing risk and increasing data flow and partnership opportunities with states’ federal counterparts. Read More

DFPI Reminds MLOs of COVID-Related Compliance

Regulatory examinations for loan servicers in California will now include a process to determine compliance with both state and federal laws regarding COVID-19-related foreclosures. Read More

Final Rule on Supervisory Guidance Set to Go Live?

The final rule was published in the Federal Register Feb. 12 and is scheduled to take effect March 15. Read More

Florida Leads Consumer Complaints Filed with CFPB

In the most recent 12-month period, Florida residents submitted 2,716 complaints per million people against financial service providers. (Includes data chart.) Read More

Other News in Brief

Chopra CFPB nomination hearing; free weekly credit reports. Read More

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