Consumer Financial Protection Bureau Director Rohit Chopra faces tough questions next week testifying before the Senate Banking Committee and House Financial Services Committee.

More than any real world problem posed by IMBs, it is the government in all of its manifestations that poses a significant risk to the world of mortgage finance and the housing sector more generally, writes the Chairman of Whalen Global Advisors.

The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.

An analysis shows how much money consumers are losing by not comparing offers from different lenders.

The Consumer Financial Protection Bureau alerted staff this week that text messages had been sent to employee personal phone numbers claiming to be from Director Rohit Chopra.

Lenders would be required to assess a borrower's ability to repay such a loan.

The Consumer Financial Protection Bureau said it is still working to notify consumers about the Feb. 14 breach in which a bank examiner sent personal information on 256,000 consumers and supervisory information on 45 institutions to his email.

Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.

The agency has been using the Freddie Mac weekly rate survey, but a methodology change by the GSE is the catalyst for the revision to determine the Average Prime Offer Rate for high-cost mortgages.

Two professionals who advise servicers on compliance name their key areas of concern.

The cost and scope of data sharing were among bankers' top complaints, while fintechs would like fewer restrictions, a report by the Consumer Financial Protection Bureau found. 

Policies were introduced to provide greater consumer protections, but the bureau specifically noted within its announcement questions it had received regarding payment adjustments in response to competitive pressure or following an originator error

In a subcommittee hearing on the CFPB, Rep. Andy Barr, R-Ky., sought to dismiss "sky is falling" concerns about other agencies' funding structures being questioned in wake of potential Supreme Court decision.

The Consumer Financial Protection Bureau issued a new report on junk fees and CFPB Director Rohit Chopra spoke at a White House virtual meeting encouraging states to tackle the proliferation of junk fees through legislation.

During his second day of congressional testimony this week, the Federal Reserve chair faced several questions about the Consumer Financial Protection Bureau's embattled funding mechanism.

Consumer Financial Protection Bureau Director Rohit Chopra says the bureau is continuing with its enforcement agenda and that financial firms face risks from the Supreme Court case.

The California-based lender will also have to pay a $1 million penalty

The closely watched case — which goes to the heart of how the Consumer Financial Protection Bureau operates — could have a huge impact on consumers, the agency and the many industries it oversees and those it seeks to regulate.

The Consumer Financial Protection Bureau has taken an important step in saying that it would work to root out unfair practices in all banking services. This is will help ensure all customers are treated fairly.

The Consumer Financial Protection Bureau's two new proposed rules make sense for most non-banks but applying them to independent mortgage banks is redundant, writes the head of the Community Home Lenders of America.