#cfpb

#cfpb

The infosec program run by the US' Consumer Financial Protection Bureau (CFPB) "is not effective," according to a fresh audit published by the Office of the Inspector General (OIG). A summary of the report, dated October 31 and published on Monday, stated that since the OIG's previous audit, the CFPB's overall cybersecurity posture has decreased from level-4 maturity, defined as "managed and measurable," to level-2 maturity - "defined."

The NAMB advocates for a return to common-sense regulatory approaches that distinguish abusive behavior from today's transparent and consumer-focused lending models.

CHLA argues the current loan originator (LO) compensation rules have made it harder for lenders to compete, discouraging long-term borrower relationships and impacting low-income lending.

A key question is whether a proposed rescission by the CFPB would revert to the Federal Reserve's original rule or leave no rule in place.

Mark Paoletta, the CFPB's chief legal officer, confirmed in a federal court filing that the reason for vacating the rule stemmed from an immediate lawsuit from the Bank Policy Institute.

the GSEs are moving in the right direction.

"The existence of temporary procedural safeguards ceasing applies once a servicer initiates foreclosure proceedings as of January 1, 2022, reflecting changing regulations post-pandemic."

The MBA's response emphasizes the need to roll back certain regulatory measures it believes hamper the efficiency and cost-effectiveness of the mortgage industry.

The CFPB has rescinded 67 guidance documents, impacting mortgage regulations, aiming to reduce compliance burdens and enforce existing laws without creating new obligations.

The CFPB's decision to reduce supervisory exams by 50% while shifting focus toward non-depository financial services indicates changing regulatory approaches in the mortgage industry.

Ethics experts have advised that Kliger's position and stock holdings raise significant concerns regarding potential conflicts of interest and violations of federal ethics laws.

The Texas judge's ruling earlier this month came a day after major industry groups announced they had reached an agreement to throw out the $8 late fee cap.

The Consumer Financial Protection Bureau saw nearly 1,500 employees terminated following a federal appeals court ruling, drastically reducing its staffing during ongoing legal disputes.

The CFPB has decided to pause its proposed rule that would require nonbank entities to report enforcement actions, focusing instead on pressing consumer threats.