CFPB semi-annual report provides lenders with insight for things to come
In the next six months, the Consumer Financial Protection Bureau (CFPB) plans to issue a series of rules, orders, and other initiatives that are expected to broadly impact financial institutions and lenders. Among other lender related actions, the Bureau expects to issue final rules that will assist lenders in determining which borrowers have the ability to repay loans. The CFPB also plans to announce initial rules related to supervision and the definition of “larger participants," which is critical in determining which nonbanks outside of the residential mortgage, private education lending, and payday lending markets will fall under the scope of the CFPB supervision program. The Bureau will also announce final regulations establishing procedures for investigations, which may signal the start of enforcement actions in 2012. Read the full article here.