The House FinServ Committee today heard from CFPB Director Cordray on the agency’s second semi-annual report. The director was questioned on the pending qualified mortgage (QM) rule (see Reports in the MORTGAGE series). Members on both sides of the aisle expressed concerns about burden on small business, echoing a new bill from Sen. Crapo (R-ID) directing the CFPB to hold a small business review panel on the rule before it is finalized. Mr. Cordray stated repeatedly that the CFPB is taking into consideration issues such as access to credit into its rule-making process. Under questioning about credit card access for family members without independent income, Mr. Cordray disclosed that the CFPB will move forward shortly with a proposal to revise this aspect of the FRB’s standards. Other issues discussed include remittance transfers (see Reports in the WIRETRANS series), regulatory overlap and CFPB budget transparency. This report analyzes today’s hearing.
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