WASHINGTON, D.C. (March 11, 2019) – The Mortgage Bankers Association (MBA) today released a new paper, The Roadmap to CFPB 2.0, which details recommendations to ensure stability and consistent consumer protections in the Consumer Financial Protection Bureau’s (CFPB) practices and consumer financial laws.
The paper draws from the detailed responses MBA submitted to the series of 12 requests for information (RFIs) the Bureau released in 2018 seeking suggestions for how it could better align its supervisory practices and the regulations it administers with its statutory mandate and generally accepted principles of sound prudential regulation.
“The Bureau has shown an admirable willingness to listen to stakeholder concerns about how it can improve both its own practices and the regulations it is tasked with enforcing,” said MBA President and CEO Bob Broeksmit. “The recommendations laid out in this roadmap will further strengthen CFPB’s policies and ensure that all consumers are treated fairly and equally and have access to the quality sustainable products they deserve.”
Specifically, the paper contains a comprehensive inventory of reforms needed to ensure the CFPB is able to meet its dual statutory mandate to vigorously enforce consumer protections and enable financial opportunity. It centers on the Bureau’s core regulatory functions – rulemaking, enforcement, supervision, and market monitoring – and the regulations it administers.
This document is a follow-up to MBA’s 2017 paper, CFPB 2.0: Advancing Consumer Protection, which focused on how the CFPB could better protect consumers by publishing clear, consistent regulations and bright-line guidance rather than using enforcement actions to announce new, binding standards.
MBA’s The Roadmap to CFPB 2.0 can be downloaded here.