The National Association of REALTORS® is preparing responses to a number of requests for information from the Consumer Financial Protection Bureau (CFPB) according to the article “CFPB Demands Could be Eased,” in the NAR Weekly Report e-newsletter Thursday.
Acting CFPB Director Mick Mulvaney has issued 12 requests for information to monitor its handling of consumer complaints and inquiries and to make sure the organization is handling its responses according to the law. In April, the CFPB reported its had received 1.5 million consumer complaints. The process will provide the public with a way to suggest improved results for consumers and covered entities.
Read the April comment letter from NAR President Elizabeth Mendenhall.
As recently as two years ago, REALTORS® were trying to stay on top of changes to the mortgage disclosure process, and the CFPB held webinars about the TILA-RESPA Integrated Disclosure (TRID) rule. Following the election of President Donald Trump, former CFPB director Richard Cordray left the position to run for Ohio governor and the Trump administration has sought changes in the way CFPB operates.