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Released: October 27, 2016
CFPB’s next 3 priority areas for enforcement actions
Source: Sarah Wheeler, HousingWire
In a speech to the Mortgage Bankers Association, Consumer Financial Protection Bureau Director Richard Cordray highlighted the bureau's work in helping the housing economy to recover, while emphasizing to the industry more regulation and oversight remain to come.
1. Consumer complaints: Cordray emphasized the importance lenders should be placing on these indicators of how they are serving customers, admonishing lenders to study not only their own internal complaint system, but use the CFPB's complaint database to learn how they can avoid mistakes other lenders are making.
2. Redlining: While "we could all wish this was a historic injustice of the past," Cordray said, the bureau has identified this as a target for its supervisory work, and has teamed up with the U.S. Department of Justice to bring major enforcement actions against institutions found to be discriminatory in their lending.
Read Full Article: CFPB’s next 3 priority areas for enforcement actions
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