President-Elect Joe Biden on Monday nominated Rohit Chopra, who worked closely with Elizabeth Warren in creating the Consumer Financial Protection Bureau in the wake of the Great Recession, to serve as the Bureau’s next Director.
Tag: Consumer Financial Protection Bureau
CFPB Issues Final Mortgage Rules on General QM, Seasoned QM
The Consumer Financial Protection Bureau on Thursday issued final rules related to qualified mortgage loans. The Mortgage Bankers Association provided preliminary summaries of the final rules.
‘Not Ok? That’s Ok:’ Financial Services, Consumer Coalition Launches Borrower Awareness Campaign
The Mortgage Bankers Association and a broad coalition of financial services stakeholders – including mortgage servicers, trade associations, housing counseling agencies, governmental agencies and think tanks – launched a consumer awareness campaign to reach borrowers who have missed one or more mortgage payments as a result of the COVID-19 pandemic and may be eligible for forbearance assistance under the CARES Act or other forms of mortgage payment relief.
Federal Agencies Propose Regulation Codifying Use of Supervisory Guidance
Five federal agencies last week issued a proposed regulation that would codify a 2018 guidance clarifying that supervisory guidance does not have “force and effect of law.”
CFPB Extends GSE Patch ‘Indefinitely;’ Kraninger Stresses Flexibility
In a wide-ranging discussion during the Mortgage Bankers Association’s virtual Annual Convention & Expo, Consumer Financial Protection Bureau Direcgor Kathy Kraninger told MBA Chair Susan Stewart that the Bureau would continue to move forward with its agenda of easing regulatory burdens and providing mortgage lenders and servicers with greater flexibilities in working with customers.
CFPB Rescinds RESPA Section 8 Compliance Bulletin
In another victory for Mortgage Bankers Association member advocacy, the Consumer Financial Protection Bureau on Oct. 7 rescinded a controversial Compliance Bulletin on prohibition of kickbacks and referral fees under the Real Estate Settlement Procedures Act.
CFPB: TRID Rule Results ‘Mixed, But Leans Positive’
The Consumer Financial Protection Bureau released its assessment of the TRID Integrated Disclosure Rule, acknowledging the rule resulted in “sizeable implementation costs” for mortgage lenders and servicers but finding the rule ultimately benefited consumers.
MBA Offers Recommendations to CFPB ‘Seasoned QM’ Proposal
The Mortgage Bankers Association, in an Oct. 1 letter to the Consumer Financial Protection Bureau, offered several recommendations in response to the Bureau’s request for comment on its proposed rule creating a new category of “seasoned” Qualified Mortgage loans.
MBA Advocacy Spurs Crackdown on Deceptive VA Loan Marketing
The settlements signal a remarkable effort by the CFPB to hold lenders accountable for their dealings with the nation’s veterans—and the culmination of advocacy by the Mortgage Bankers Association to protect earned benefits for servicemembers, veterans and surviving spouses.
CFPB Extends Comment Period on ECOA/Reg B RFI to Dec. 1
Bowing to requests by the Mortgage Bankers Association and other industry trade groups, the Consumer Financial Protection Bureau on Aug. 19 said it will provide an additional 60 days for public comment on its Request for Information on expanding access to credit through Regulation B, which implements the Equal Credit Opportunity Act.