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Inside the CFPB

March 20, 2023

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House Bill Would Put CFPB Funding in Congress’ Hands

A majority of the witnesses testifying at a recent House subcommittee hearing voiced support for the Taking Account of Bureaucrats’ Spending Act, which would separate the CFPB from the Federal Reserve System and subject it to the regular appropriations process. Read More

CFPB Uncovers New ‘Junk Fee’ Charges by Mortgage Servicers

In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers. Read More

House Republicans Seek Extensive Overhaul of CFPB

Eight Republican-sponsored pieces of legislation were attached to a recent hearing on CFPB reforms, including one that would convert the bureau’s leadership structure into a five-member commission. Read More

CSBS Proposes Mortgage-Specific NMLS Licensing Requirements

The proposed business-specific requirements will supplement proposed core requirements that all nonbanks using the NMLS must fill out. Read More

CFPB, DOJ Say Lenders Can’t Rely on Discriminatory Appraisals

In a joint statement of interest filed in the District Court of Maryland, the two regulators said a lender relying on an appraisal that it knows, or should know, is discriminatory violates both the ECOA and the Federal Housing Act. Read More

MBA Calls on CFPB to Ease Loss-Mitigation Requirements

Regulation X loss-mitigation requirements are too burdensome and should be streamlined, the Mortgage Bankers Association said in a recent white paper. Read More

Expanded HMDA Reporting Requirements Increased Costs

A CFPB review of the Home Mortgage Disclosure Act shows that reporting changes instituted by the 2015 HMDA rule increased compliance costs for companies. Read More

CFPB Warns Servicers Over Collecting Discharged Student Loans

The CFPB said it expects servicers to proactively identify student loans that are discharged via standard bankruptcy orders. Read More

Other News in Brief

Guilty plea on non-QM program; HUD restores discriminatory effects rule; new CRA rule soon; NY servicer must repay pandemic relief it didn’t issue; CFPB to redefine earned wage access products; mortgage broker indicted for tax fraud; CFPB reviewing MLO rules. Read More

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