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Inside the CFPB

November 27, 2023

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Chopra Meets Often With Both Advocates, Trade Groups

In an analysis of CFPB Director Rohit Chopra’s leadership calendar, Inside the CFPB found he engages with several stakeholders outside of the agency’s walls, including frequent talks with trade groups and consumer advocates. (Includes data table.) Read More

CFPB Funding Requests Approach Statutory Cap

The CFPB’s funding requests in fiscal year 2023 totaled $721.2 million, 96% of its annual funding cap, according to the bureau’s financial report released this month. Read More

Bureau Approves Pilot for Construction-Specific TRID Disclosures

The CFPB is moving forward with a pilot that would test alternative disclosures for construction loans. Read More

Compliance Work on New CRA Should Start Now

While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said. Read More

Arbitration Petition to CFPB Prompts Strong Reactions

A petition from consumer advocates called for the CFPB to issue a rulemaking prohibiting the use of forced arbitration agreements in consumer financial services contracts. Industry trade groups said prior Congressional action bars the agency from issuing such a rule. Read More

Policy Statement Won’t Prohibit All Uses of Immigration Status

Attorney Chris Willis of Troutman Pepper said lenders may still be able to narrowly tailor the use of immigration status in credit decisions while staying compliant with recent guidance from the CFPB and DOJ. Read More

Banks’ Policy Stances at Odds With Their Trade Groups

Banks don’t appear to be doing enough to check the anti-consumer lobbying and litigation efforts of the trade groups that represent them, according to Rise Economy, a California-based nonprofit. Read More

CFPB Details Differences in HMDA Reporting on Race

A CFPB working paper found that lender-identified race and ethnicity data on mortgage applications more closely correlates with the probability an individual is of a given race than applications with self-identified race information. The largest differences were for Hispanic and Black applicants. Read More

Other News in Brief

MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes. Read More

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