Mortgage Bankers Association releases paper detailing CFPB reforms

The Mortgage Bankers Association released a report this week detailing changes it proposes to the Consumer Financial Protection Bureau (CFPB).

The paper, called The Roadmap to CFPB 2.0, seeks to ensure stability and consistent consumer protections in the CFPB’s practices and rules.

The paper is informed by responses MBA received from 12 requests for information (RFIs) it made to the bureau in 2018. The CFPB issues a series of RFI’s last year on a variety of topics looking for suggestions from stakeholders on how to better align its supervisory practices and the regulations with its mandate and generally accepted principles of sound prudential regulation.

“The Bureau has shown an admirable willingness to listen to stakeholder concerns about how it can improve both its own practices and the regulations it is tasked with enforcing,” MBA President and CEO Bob Broeksmit said. “The recommendations laid out in this roadmap will further strengthen CFPB’s policies and ensure that all consumers are treated fairly and equally and have access to the quality sustainable products they deserve.”

The paper contains several reforms to ensure the CFPB is able to meet its dual statutory mandate to vigorously enforce consumer protections and enable financial opportunity. The reforms center on rulemaking, enforcement, supervision, and market monitoring. It can be accessed at www.mba.org.