CFPB, Federal Agencies, State Agencies, and Attorneys General
Earlier today Jonathan McKernan, President Trump’s nominee to head the CFPB, pledged that the agency would “implement and enforce the federal consumer financial laws and perform each of its other statutorily assigned functions.”
The comment, made during his confirmation hearing before the Senate Banking Committee, came in stark contrast to the Trump Administration’s previous statements that it intends to take the actions necessary to dismantle the CFPB.… Continue Reading
Legislation that would eliminate all funding for the CFPB has been introduced in the House and Senate, with the main House sponsor now calling for the bill to be placed on a fast track by including it in budget reconciliation.
Rep. Keith Self, R-Texas, has introduced H.R. 814 and Sen. Ted Cruz, R-Texas has introduced S.… Continue Reading
A federal judge has issued an order temporarily prohibiting the Trump Administration from imposing mass layoffs and budget cuts at the CFPB.
U.S. District Judge Amy Berman Jackson of the U.S. District Court of the District of Columbia has scheduled a March 3 hearing in the suit filed by the National Treasury Employees Union, the National Consumer Law Center, the NAACP, the Virginia Poverty Law Center, Pastor Eva Steege and the CFPB Employee Association.… Continue Reading
Accusing the CFPB of planning to use its funding mechanism to abolish the agency, the mayor and the city council of Baltimore (the “City of Baltimore”) and the Economic Action Maryland Fund (the “Economic Fund”), a nonprofit economic assistance organization, are asking a federal judge to keep the bureau from folding.… Continue Reading
In the wake of recent federal directives diminishing the Consumer Financial Protection Bureau (CFPB), state authorities are increasingly stepping in to uphold consumer protections. Michigan Attorney General Dana Nessel has been at the forefront of this movement, emphasizing the CFPB’s significant contributions and reaffirming her office’s commitment to safeguarding Michigan residents.… Continue Reading
Acting CFPB Director Russell Vought has temporarily put a halt to virtually all of the agency’s work.
President Trump designated Vought, director of the Office of Management and Budget (OMB) as acting bureau director Friday night. He replaced Treasury Secretary Scott Bessent, who had served as acting CFPB director until Vought’s appointment.… Continue Reading
The CFPB recently released results of a study of residential mortgage refinance loans from the first quarter of 2013 to the first quarter of 2023, focusing on differences between cash-out and non-cash-out (or rate and term) refinance loans. The CFPB used data from the National Mortgage Database to conduct the study.… Continue Reading
The CFPB recently announced that it is revising the methodology used to determine average prime offer rates (APORs). The revised methodology is available on the website of the Federal Financial Institutions Examination Council (FFIEC). Both the revised methodology and prior methodology are available on the FFIEC website.
The CFPB has used information from the Freddie Mac Primary Mortgage Market Survey® (PMMS) on three products (30-year fixed-rate mortgages, 15-year fixed-rate mortgages, and five-year variable-rate Mortgages), and pricing data from CFPB’s own internal survey on one-year variable-rate mortgages, to calculate APORs on a weekly basis for various loan products. … Continue Reading
The CFPB’s Office of Research recently issued a blog post regarding its analyses of the impacts of higher mortgage interest rates on borrowers and potential homebuyers. The analyses are based on first and second quarter Home Mortgage Disclosure Act (HMDA) data filed by the 55 mortgage lenders that are required, based on their high volume of mortgage lending, to collect and submit HMDA data on a quarterly basis. … Continue Reading
The CFPB recently issued a report entitled Data Point: Asian American and Pacific Islanders in the Mortgage Market. The report briefly examines differences among subgroups of Asian American and Pacific Islanders (AAPI) based on the 2020 Home Mortgage Disclosure Act (HMDA) data. In issuing the report the CFPB stated that “[e]xisting studies often portray AAPI borrowers as similar in characteristics to non-Hispanic White borrowers and thus imply that the group fares well.… Continue Reading
