According to witnesses testifying at a House hearing, the CFPB appears to be offering regulatory leeway to mortgage servicers but doing little to protect consumers’ interests.
The CFPB files lawsuit against companies providing student loan debt relief services; the CFPB encourages stakeholders to use its innovation programs to address regulatory uncertainties.
The legislation is aimed at replacing the CFPB’s single director with a five-member bipartisan commission. Meanwhile, the Supreme Court is close to ruling on the constitutionality of the CFPB.
New legislation, which passed the California Assembly Banking and Finance Committee last week, would create “duplicative and sometimes contradictory requirements” for the mortgage industry when viewed alongside federal rules, industry groups warned.
CFPB advisory committees to meet May 1; borrowers with DTI ratios exceeding 43% barred from California Housing Finance Agency programs; forbearance and foreclosure requirements in Massachusetts.
The CFPB provides guidance for consumers to protect finances; Democratic senators introduce legislation to prohibit negative credit reporting; federal regulators encourage responsible small-dollar lending.
The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.
The CFPB seeks legislation to establish a reward program for whistleblowers, who could be tipped up to $10 million for providing original information that leads to a successful enforcement action.
More than a dozen briefs have been filed before the Supreme Court defending the CFPB’s constitutionality. State attorneys general told the high court that killing the bureau would harm states’ consumer protection authority.
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