The Future of the CFPB
In This Section
Reference Resources
The CFPB is at a crossroad as it seeks its path forward as a non-political and vigorous consumer protection regulator.
Overview: Enforcement actions by the CFPB have raised profound questions about how the Bureau applies laws that were transferred to it under the Dodd-Frank Act. The Bureau has published key consent orders and decisions-including under RESPA-that diverge from prior rules and interpretations of the Department of Housing and Urban Development (HUD) that the industry has relied on for decades. Guidance documents issued by the Bureau have their value diminished by disclaimers that such guidance cannot be relied upon. This has increased the potential for confusion amongst the regulated entities. While the Bureau has taken a public step away from the CFPB's old mantra, it is important for the CFPB to take steps towards adopting a consistent framework for providing authoritative written guidance that facilitates compliance, reduces implementation costs, and ensures consistent consumer treatment across the market.
Recent MBA Activity Related to CFPB Regulations
- Comment Letter: MBA to CFPB on Request for Information Regarding Tech Sprints (November 8, 2019)
- Comment Letter: MBA to CFPB on No-Action Letter Policy and Product Sandbox (February 11, 2019)
Older Items
- Comment Letter: MBA to CFPB on Inherited Regulations and Rulemaking Authorities (June 25, 2018)
- Comment Letter: MBA to CFPB on Request for Information Regarding Adopted Regulations and Rulemaking Authorities (June 19, 2018)
- Comment Letter: MBA to CFPB on Request for Information Regarding CFPB Rulemaking Processes (June 7, 2018)
- Comment Letter: MBA to CFPB on Request for Information Regarding CFPB's Supervision Program (May 21, 2018)
- Comment Letter: MBA to CFPB on Request for Information Regarding Enforcement Processes (May 14, 2018)
- Comment Letter: MBA to CFPB on Request for Information Regarding Rules of Practice for Adjudication Proceedings (May 7, 2018)
- Comment Letter: MBA to CFPB on Request for Information Regarding Civil Investigative Demands and Associated Processes (April 26, 2018)