Items Tagged with 'CFPB'

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CFPB proposes amendments to Equal Credit Opportunity Act

Gives new flexibility on collecting ethnicity and race information to align with HMDA
The Consumer Financial Protection Bureau announced it is reassessing the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information. The new proposal looks to clarify, through rulemaking, the parts of Regulation B that seem to conflict with Regulation C requirements on collecting this information.
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CFPB preps to review major mortgage rules

Falls under Dodd-Frank requirement
January 2018 marks five years since the Consumer Financial Protection Bureau finalized the qualified mortgage rule. The five-year anniversary means more than a landmark date of a major regulation though, as it also means the bureau is required to reassess its major mortgage rules. Will the CFPB use this process to change the mortgage market again?
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CFPB fines Experian $3 million for lying about consumers' credit scores

Told consumers that purchased credit scores were same ones that lenders used
Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday. And for that deception, the CFPB is fining Experian $3 million.
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Tensions escalate at House hearing on constitutionality of the CFPB

This just brings more harm than good
Well, this is awkward. Four witnesses on the constitutionality of the Consumer Financial Protection Bureau sat before a House subcommittee on Tuesday morning, lending their expert knowledge to help sort through the current state of confusion around the bureau. The only problem is that they could barely get a word in edgewise. House Republicans profusely thanked them for coming as House Democrats condemned the hearing entirely.
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Monday Morning Cup of Coffee: Trump tapping familiar face to lead DOJ's civil division?

What will become of False Claims Act charges under new leader?
It looks like President Donald Trump is about to install a familiar face as the leader of the Department of Justice’s civil division. If that happens, what happens to the DOJ's recently preferred tactic of using the False Claims Act to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration? The answer, and more, in your Monday Morning Cup of Coffee.
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In major reversal, U.S. sides with PHH, calls CFPB structure unconstitutional

DOJ asks court to give president authority to fire CFPB director at will
Recently, the U.S. government began to give off indications that it might be switching sides in the landmark battle between the CFPB and PHH, signaling that the Trump administration would not be as supportive of the CFPB as the Obama administration had been. And Friday, that's exactly what happened. Click the headline for the full story.
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CFPB may fall under new executive order to reorganize executive branch

New power put in the hands of the OMB director
Unlike previous executive orders that did not apply to the Consumer Financial Protection Bureau, President Trump signed an executive order granting additional powers to either rework or eliminate "components of agencies, and agency programs." However, one expert says it’s not that simple to overhaul the CFPB.
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Is the CFPB in dire need of a new direction?

Which could mean a new director
Readers don’t have to go any further than HousingWire’s search function to see the constant dialogue around the uncertain future of the Consumer Financial Protection Bureau. Regulation is king in mortgage finance, and right now the No. 1 industry watchdog is in limbo as the court and government try to overhaul its future. So where does this leave people in mortgage finance? These four CFPB and regulation experts have the answers.
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Former CFPB enforcement attorney: "Publicity potential" guided many regulatory actions

Department of External Affairs wields influence similar to political entities
Democrats are racing against the clock to defend the embattled Consumer Financial Protection Bureau, which has a growing pile of government and judicial scenarios at play trying to overhaul it or abolish it altogether. But maybe the only way for CFPB Director to save the bureau is to resign, at least that’s what one former CFPB enforcement attorney argues.
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