CFPB Starts Mandatory Refi, Loan-Mod Redesign Project

Expanding its actions to increase consumer-finance innovation and competition, the CFPB today began an effort to increase refi accessibility as well as provide for automatic loan modifications.  The release reiterates Director Chopra’s assertions that rules prior to the Bureau’s new approach were unduly favorable to industry, especially when innovation is authorized only via no-objection letters, sandboxes, or similar agency actions.

Treasury Presses Open-End Bond Fund Rules

In remarks today on Treasury-market stability, Under-Secretary Liang focused on open-end corporate-bond funds.  Noting that these funds use Treasury securities for liquidity but lack stress resilience and thus caused the “cash for cash,” Ms. Liang strongly supported the SEC’s focus on open-end fund liquidity, pricing and resilience.

House Republicans Take New Tack to Constrain the CFPB

Joined by Republicans on the House Oversight Committee, HFSC’s GOP today continued its campaign against Rohit Chopra, giving the CFPB director only a week to provide them with an explanation of how many recent actions comply with the Supreme Court’s recent restrictions on administrative action.