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Inside the CFPB

September 9, 2019

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Treasury Department Calls for End of QM ‘Patch’

The Treasury Department in its housing-finance reform plan has asked the CFPB to end the qualified mortgage “patch” as scheduled and establish a bright-line rule in its place. Read More

Smaller Lenders Favor Higher DTI Cap

Early comments on how to revise the qualified mortgage patch are mostly from smaller lenders who favor a higher debt-to-income ratio limit. Read More

CFPB-Ocwen Suit in Peril for Shotgun Pleading

A Florida federal judge termed a CFPB lawsuit against Ocwen Financial for widespread mortgage servicing failures as “shotgun pleading.” The court, however, allowed the CFPB to amend and refile the suit. Read More

State Regulators Can Bring Parallel Lawsuits, Says CFPB

The CFPB in a recent amicus brief defended states’ authority to bring parallel claims against financial institutions for unfair, deceptive and abusive acts or practices. Read More

Pennsylvania AG Continues to Focus on Mortgage Redlining

Mortgage redlining continues to be a high priority for the Pennsylvania Attorney General’s office, said a senior deputy to the AG. Read More

Rep. Waters to Continue Oversight of CFPB

The House Financial Services Committee will continue to provide oversight of CFPB activity, according to the panel’s fall priorities. Read More

Democrats Question New Student Loan Ombudsman

Senators are seeking answers from Robert Cameron, the private education loan ombudsman, on how he plans to oversee student loan issues. Read More

Post-Natural Disaster Guide for HECM Borrowers

As Hurricane Dorian hit the Southeast coast, the CFPB put out a guide for reverse mortgage borrowers affected by natural disaster. Read More

CFPB Fines Firm for Violation of Remittance Rule

The CFPB recently fined Texas-based Maxitransfers Corp. $500,000 for violations of the Remittance Transfer Rule. This is the bureau’s first enforcement action under the Electronic Fund Transfer Act. Read More

Credit Card Debt Surges Past Pre-Crisis Levels

The CFPB in a new report noted that the credit card market is growing fast and the use of new technology has potential to enhance consumers’ financial well-being. Read More

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