The Senate Banking Committee heard from CFPB Director Cordray today on the agency’s semi-annual report. Committee Members on both sides of the aisle questioned the director on the pending qualified mortgage (QM) rule (see Reports in the MORTGAGE series), with Mr. Cordray expressing confidence that the CFPB will meet its January deadline and that a range of issues, including access to credit, is being taken into consideration. The Bureau’s authority in writing rules on mortgage disclosure was called into question by Sen. Shelby (R-AL), with Mr. Cordray assuring that the Bureau is not ignoring or re-writing statutes. Other issues discussed include concerns over prepaid cards, the Bureau’s consumer complaint process, and compliance burdens for community banks. This report analyzes today’s hearing.
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