Consumer Financial Protection Bureau

Friday, May 24, 2013

Qualified Mortgage rule is a trap for the unwary

Peter J. Wallison | March 4, 2013, 9:40 am

Here’s a scary thought: Consumer Financial Protection Bureau (CFPB) Director Richard Cordray—and whoever is writing his speeches—doesn’t understand the Qualified Mortgage rule or its implications for lenders. In a recent speech to the Credit Union National Association reported in the … read more >

Photo Credit: Leader Nancy Pelosi/Flickr

Economics, Financial Services

The devil is in the details part II: Regulators mull making the QRM definition identical to CFPB’s new ‘Qualified Mortgage’ rule

Edward Pinto | February 26, 2013, 3:39 pm

Last month it was the Consumer Financial Protection Bureau (CFPB) promulgating its Dodd-Frank Act mandated Qualified Mortgage rule (QM). Dodd-Frank imposed QM to set minimum mortgage standards. Yet it is now being touted as making sure “prime” loans will be … read more >

Economics, U.S. Economy

CFPB’s new ‘qualified mortgage’ rule: The devil is in the details

Edward Pinto | January 10, 2013, 3:30 pm

The Consumer Financial Protection Bureau (CFPB) promises its new “qualified mortgage” regulation will “protect consumers from irresponsible mortgage lending.” Twenty years ago, Congress passed the inaptly named 1992 “Federal Housing Enterprises Financial Safety and Soundness Act” and promised it would … read more >

Image credit: Kevin Shorter (Flickr) (CC BY-SA 2.0)

Economics, U.S. Economy

The CFPB makes mortgage lending a risky bet

Peter J. Wallison | January 10, 2013, 2:43 pm

Dodd-Frank set about to prevent the deceptive lending practices that its sponsors believed, without much evidence, were one of the principal causes of the 2008 financial crisis. It now appears that they have thrown the baby away with the bathwater. read more >

Economics, U.S. Economy

The 1-page mortgage form rises again?

Alex J. Pollock | December 14, 2012, 10:35 am

The new bureaucracy of the Consumer Financial Protection Bureau (CFPB) has discovered how hard it is to develop single, mandated financial disclosure forms that are effective and meet the requirements or demands of all the constituents. The CFPB has therefore … read more >

Economics

Protecting vulnerable consumers from the government moneylender

Alex J. Pollock | March 28, 2012, 3:00 pm

“Concerns are mounting that college students have taken on unsustainable levels of debt,” says the American Banker. Indeed. The Consumer Financial Protection Bureau, having pointed out that student debts now exceed $1 trillion, needs to get into action now to … read more >

Economics, Regulation

Will the CFPB protect consumers from the government?

Alex J. Pollock | March 22, 2012, 4:55 pm

How does the government do at protecting consumers from itself when it comes to financial products? A friend in the mortgage business made the following as ironical suggestions, but they are in fact serious, real problems of consumer protection. The … read more >

Economics

Senate GOP right to demand restructuring of new consumer agency

Peter J. Wallison | December 9, 2011, 5:22 am

No matter what you may think of Richard Cordray, President Obama’s nominee to head the Consumer Financial Protection Bureau, it is important to remember why the Senate Republicans refused to allow a vote on his nomination yesterday. Several months ago, … read more >