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Friday, February 26, 2016
Arbitration, Overdraft, Mortgages, Business Loans on CFPB Radar
Arbitration, mortgages, small business lending and small-dollar loans are among the Consumer Financial Protection Bureau’s policy priorities over the next two years, according to a document released yesterday.
The bureau said it will continue its ongoing rulemaking limiting mandatory arbitration agreements and begin a rulemaking intended to “make the overdraft market fairer and more transparent.” In the mortgage area, the CFPB said it will focus its supervisory and enforcement programs on Home Mortgage Disclosure Act rule implementation, fair lending issues around mortgages and servicing rule implementation.
Meanwhile, the CFPB will build a new focus on small business lending, assembling a team and conducting research in advance of an eventual rule requiring the collection of business lending data. The bureau also said it will work to begin collecting complaints about small business lending.
Other areas of supervisory and rulemaking focus for the bureau will include consumer data reporting, debt collection and student loans. The CFPB will also conduct major research projects on consumer decision-making and household balance sheets.
--ABA Daily Newbytes
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