October 10, 2017
Tuesday’s Regulatory & Legislative Roundup
- In a seemingly rare occasion, a bipartisan alliance has formed between a Democrat and Republican. The duo paired together to garner support for a repeal of the Consumer Financial Protection Bureau’s (CFPB) Know Before You Owe rule. The CFPB’s rule requires specific mortgage disclosures which they believe pose harm to consumers. They cite title insurance and fees as the cause of the harm to consumers.
- The Consumer Financial Protection Bureau (CFPB) released new guidelines regarding payday loans. The goal of the regulatory agency is to ensure lenders are not taking advantage of those in lower socio-economic households. The new guidelines mandate lenders to determine a borrower’s capability to repay a loan before they can issue said loan. This new rule will likely decrease the profit of the $38.5 billion lending industry.
