“The CFPB’s use of consent decrees and administrative decisions to make changes in the rules, rather than formal rulemaking or published guidance, has created uncertainty in the market and higher costs for consumers,” the Mortgage Bankers Association said.
The Consumer Financial Protection Bureau referred eight matters to the Department of Justice last year, claiming it found discrimination in credit transactions.
Despite these developments, FBR Capital Markets analyst Edwards Mills said passage of the Hensarling legislation is unlikely. “We continue to believe that major Congressional action on financial regulation is a 2018 event,” he writes in a new client note.