The Consumer Financial Protection Bureau’s fuse has run out for mortgage servicers that are behind in implementing the agencies rules, according to CFPB Deputy Director Steve Antonakes, who spoke to the Mortgage Bankers Association in Orlando, Fla., on Feb. 19.
Last month, CFPB Director Richard Cordray came under sharp questioning at a House Financial Services Committee hearing by Chairman Jeb Hensarling (R-TX).
On February 12, the U.S. Chamber of Commerce sent a letter to CFPB Director Richard Cordray outlining three specific areas in which the Chamber is “seriously concerned that the bureau is not working toward clear, evenly applied, economically sound standards.”
The Consumer Financial Protection Bureau wants to expand its collection of residential mortgage data.
On January 15, a federal district court in California rejected a constitutional challenge to the CFPB.
The Consumer Financial Protection Bureau is amassing mortgage and card data of bank customers across the country. From the standpoint of reducing banks’ mortgage compliance burden, the bureau’s project has the potential to help banks.