Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”
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The mortgage industry would likely benefit from the CFPB’s proposed new policy on its no-action letter and sandbox program, said industry experts.
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In yet another effort for deregulation following the controversial payday lending rule proposal, the CFPB is likely to propose changes to the mortgage disclosure rule, according to industry observers.
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The CFPB appears to have shifted away from addressing lending discrimination via enforcement actions, according to the bureau’s first semi-annual report to Congress under Director Kathy Kraninger. The report covers bureau activities from April 1, 2018, to Sept. 30, 2018.
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Democratic lawmakers recently introduced a bill to both chambers of Congress to repeal the partial exemption granted last year to smaller institutions from certain mortgage reporting requirements.
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The CFPB plans to save $20 million in spending in fiscal 2019, with major budget cuts in its supervision, enforcement and fair lending division.
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In a rather unusual move, the CFPB earlier this month released written guidance to clarify certain aspects of the integrated mortgage dis-closure rule. This left many industry watchers looking at clues as to whether it signals a change in the agency’s attitude towards written guidance.
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The CFPB and Florida regulators last week asked a federal court to merge their lawsuits against mortgage servicer Ocwen Financial Corp. in order to avoid the risk of future jury inconsistency and to reduce their respective burden.
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The CFPB intends to bring an enforcement action against Equifax over the massive data breach in 2017 that exposed personal information of more than 140 million people, according to a new filing with the Securities and Exchange Commission.
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CFPB Releases Small Entity Compliance Guide for Payday Rule; CFPB Updates List of Rural and Under-served Counties; CFPB Seeks Assistant Director for the Office of Regulations.
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