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Inside the CFPB

February 25, 2019

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Dem State AGs Oppose CFPB Fintech Sandbox

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.” Read More

Industry Sees Benefits From CFPB Sandbox

The mortgage industry would likely benefit from the CFPB’s proposed new policy on its no-action letter and sandbox program, said industry experts. Read More

CFPB Expected to Rollback 2015 HMDA Rule

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. Read More

Fair Lending Activity More Supervision Oriented Now

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. Read More

Bill Introduced to Repeal HMDA Partial Exemption

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. Read More

CFPB Plans Supervisory and Enforcement Budget Cuts

The CFPB plans to save $20 million in spending in fiscal 2019, with major budget cuts in its supervision, enforcement and fair lending division. Read More

Should the Industry Expect More Written Guidance?

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. Read More

Otting Supports Payday Proposal; Dems Say No

The payday lending rule proposal released early this month has sparked different reactions from CFPB watchers. Read More

CFPB, Florida Ask Court to Merge Their Ocwen Suits

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. Read More

CFPB Plans to Fine Equifax For 2017 Data Breach

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. Read More

Other News in Brief

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. Read More

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