CFPB plans to review mortgage, credit card rules

The Consumer Financial Protection Bureau plans to review credit card rules as the qualified mortgage rule. 

Rohit Chopra, the CFPB’s director, said in a Friday blog post that the bureau will look at changes made to the QM rule’s underwriting standards, along with the CARD Act and the Fair Credit Reporting Act. 

“The CFPB aspires to more clearly communicate the agency’s expectations in simple and straightforward terms, which will produce more durable guidance and rules, in addition to numerous other benefits,” Chopra wrote. “Simple bright-lines advantage law-abiding companies and disadvantage law breakers.” 

Chopra said a number of rules “have now been tested in the marketplace for many years and are in need of a fresh look.” 

The CFPB, among other things, wants to look at provisions in the QM rule that let some delinquent loans gain QM status. The agency would also like to see more streamlining for refinancings and modifications.

Chopra said the agency will also consider “potential enhancements and changes to business practices” under the Fair Credit Reporting Act, which oversees how information is reported to credit bureaus. 

The CFPB plans to review the “enforcement immunity and inflation provisions” for fees and penalties associated with the CARD Act.