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.
In an interview with the Mortgage Bankers Association’s president and CEO, CFPB Director Rohit Chopra confirmed that changes to the agency’s mortgage servicing rules would come in 2024.
Justice Amy Coney Barrett seemed to disagree with the CFSA’s interpretation of the Appropriations Clause text, while Justice Brett Kavanaugh disagreed with the notion that the CFPB was insulated from Congressional control, according to attorneys tracking the case.
The Supreme Court’s decision on the CFPB’s funding will decide not just the future of the agency and its regulations but will also hold implications for what kinds of appropriations Congress can author.
The Supreme Court will hear oral arguments Oct. 3 in a case challenging the structure of the CFPB. Lenders are hoping that the CFPB emerges willing to collaborate on regulatory issues.
The bureau outlined the procedure lenders must undertake when informing consumers of adverse credit actions triggered by the use of algorithms and other predictive decision-making technologies.
The Bank Policy Institute and American Bankers Association have asked federal agencies to pause adoption of the Community Reinvestment Act final rule until proposed bank capital requirements are finalized and the Supreme Court decides on the CFPB’s funding mechanism.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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