Who’s Keeping Tabs on the CFPB? Small Lenders Are

Is the Consumer Financial Protection Bureau lost when it comes to  reengineering how loan officers and brokers can make a living? The words “confused” and “disorganized” are being used to describe the agency’s recent meetings with 17 professionals representing the “small” lending part of the industry. But others contend that the agency is just trying to do the right thing.  Of course, doing the right thing would entail finalizing the TILA and GFE forms by summer. But as one participant told us: “Isn’t it summer already?” Meanwhile, those attending the recent meetings/conference calls with the agency have unearthed how much CFPB senior staffers earn each year – a sign that they hope to make the agency’s own compensation levels an issue down the road. (Or not.)  This isn’t going to be pretty. And yes, there are hopes that the agency will use its so called “exemption clause” and scrap the entire idea of revamping compensation rules.