CFPB Outlines Regulatory Plans in First Semiannual Report to Congress

American Banker
January 30, 2012
Davidson, Kate

The Consumer Financial Protection Bureau released its first semi-annual report to Congress on Jan. 30, listing the steps it has taken to make the watchdog operational in its first six months. Those steps have included opening offices that focus on special issues such as fair lending, students, enlisted populations, and minorities; processing consumer grievances on credit cards and home loans; and recruiting more than 750 employees. In the next six months, the CFPB intends to release final rules requiring lenders to verify each borrower's ability to repay a mortgage; propose a rule combining disclosures required under the Truth In Lending Act and Real Estate Settlement Procedures Act; introduce a bevy of proposed new rules regarding the mortgage market, including new servicing guidelines, loan originator compensation rules, and limits on high-cost loans; and propose initial rules defining the range of its non-bank program.
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