True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Politics & Money

CFPB creates taskforce to examine federal consumer financial law

To configure where regulation should be simplified and modernized

The Consumer Financial Protection Bureau announced it will establish a taskforce to examine ways to modernize federal consumer financial laws.

The taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial service providers. It will examine ways to improve and strengthen consumer financial regulations and report what it finds to CFPB Director Kathy Kraninger.

The taskforce will produce new research and legal analysis of consumer financial laws that will focus on harmonizing, modernizing and updating the existing consumer credit laws. It will identify gaps in knowledge that can be addressed through research, ways to improve consumer understanding or markets and products and potential conflicts or inconsistencies in existing regulations and guidance.

“An objective and independent evaluation of our current regulatory framework to identify where there may be gaps or where regulation should be simplified or modernized is needed to help us more effectively carry out our mission of protecting consumers,” Kraninger said. “As we work to set up the taskforce, we encourage interested individuals to apply to be considered to be part of the taskforce.”

The members of the taskforce have not yet been selected, but will include several members with a broad range of expertise in the areas of consumer protection and consumer financial products or services; analyzing consumer financial markets, laws and regulations; and a demonstrated record or senior public or academic services. The CFPB is now accepting applications for members to serve on the taskforce.

Earlier this year, The CFPB announced that it plans to “periodically” review its regulations and may amend or even abolish existing rules.

According to the CFPB, the review of its rules is stipulated by the Regulatory Flexibility Act, which establishes that agencies should review certain rules within 10 years of their enactment and consider those rules’ impact on “small businesses.”

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Genworth mortgage insurance arm IPO on ice

Genworth Financial said it will delay the initial public offering of its recently rebranded mortgage insurance arm, Enact Holdings.

May 13, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please