The AGs believe depriving the CFPB of its powers would harm the states by eliminating the agency’s independent enforcement efforts and the valuable assistance it provides…
The CFPB intends to do away with the debt-to-income metric as a mortgage underwriting factor and instead consider an alternative to assess a borrower’s ability to repay. The news drew mixed reactions.
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.
The question now facing lenders is how they should respond to the CFPB’s civil investigative demands pending the Supreme Court’s decision in the Seila Law case.
Thomas Ward, deputy assistant attorney general overseeing the torts branch in the civil division of the DOJ, will now serve as the CFPB’s assistant director for enforcement.
The House of Representatives greenlighted a package of bills aimed at overhauling the credit reporting system. The legislation, however, has a dim future in the Senate.