CFPB Director Rohit Chopra and Mortgage Bankers Association President and CEO Robert Broeksmit believe the consequences of deeming the bureau’s funding unconstitutional would be disastrous for regulated markets, especially housing finance.
A federal court sided with trade groups and vacated the CFPB’s March 2022 supervision and examination manual update that directed examiners to apply the Consumer Financial Protection Act’s unfairness authority to discriminatory practices.