Since September 2022, the Federal Reserve has been in a deficit and has still continued to fund the CFPB, a problem for the legality of the bureau’s funding, according to Hal Scott, a Harvard Law professor.
High debt-to-income ratio remained the largest denial reason for purchase-mortgage applications in 2023, while credit history issues moved into the top spot for denials of refinances.
Credit reporting inaccuracies are having a major impact on low-income consumers who are trying to find housing, according to participants at a recent CFPB Consumer Advisory Board Meeting.
Federal and state regulators looking to implement new data privacy standards should include exemptions for firms subject to Gramm-Leach-Bliley Act requirements, according to the Mortgage Bankers Association and other trade groups.