"The agency signaled a shift in enforcement priorities, stating it intends to return money directly to affected consumers rather than relying on fines that feed into its civil penalty fund."
"MBA agrees with the aim of the strategic plan to concentrate the CFPB's resources on identifying and addressing pressing threats to consumers, reversing instances of regulatory overreach, and lowering the compliance and liability costs associated with consumer financial products."
"MBA urged the CFPB to incorporate the Trump administration's recent executive order on mortgage credit and to ensure any regulatory relief is applied broadly across the market."
The CFPB's strategic plan includes objectives to combat fraud, protect servicemembers and veterans in the VA loan space, and ensure fair banking practices. The agency plans to return money to consumers instead of relying on fines. It aims to reduce unwarranted regulatory burdens by identifying outdated regulations and minimizing duplicative supervision. The MBA supports these goals and recent CFPB actions, advocating for broad regulatory relief across the market to benefit all borrowers and suggesting adjustments to TRID tolerance thresholds and error-correction provisions.
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