The House FinServ Committee heard from CFPB Director Cordray today on the agency’s inaugural semi-annual report, which was initially delivered in January to the Senate Banking Committee (see Client Report CONSUMER21). Committee Members on both sides of the aisle questioned the Director on the pending Qualified Mortgage (QM) rule (see Reports in the MORTGAGE series), but Mr. Cordray generally said issues are under consideration without committing himself to any specific proposal. The Bureau’s examination policies were also called into question, as Rep. Renacci (R-OH) grilled Mr. Cordray on why enforcement attorneys are needed in this process. Questions were also raised on a wide range of issues, including the CFPB’s “abusive” standard, mortgage servicing standards and the loan originator compensation rule. This report analyzes today’s hearing.
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