Newsroom

November 25, 2014

Most inquiries to CFPB ombudsman on mortgages, process

The CFPB Ombudsman's Office's annual report says the majority of inquiries it received in the financial year 2014 focused on mortgages and sought additional information on the bureau's processes.

The office said its focus for 2014 has been on information the bureau shares about its public actions and how trade groups connect with the bureau to discuss industry developments.

The ombudsman office said it received fewer inquiries in 2014 than in 2013 – 1,133 compared to 1,422 – because of an overall decline in consumers reaching out to the office. However, the office said other individuals – including attorneys, financial entities and consumer and trade groups – reached out more often, causing inquiries from non-consumers to increase 9 percent. The office said the majority of inquiries dealt with mortgages.

The report said the inquiries from groups, including trade associations, focused on "the need for a regulatory interpretation; and the need for understanding the intersection between the supervision and enforcement processes to determine how to best navigate them."

The office said it reviewed how information on CFPB public actions is communicated to the public based on inquiries seeking information about such actions; it recommended the bureau standardize how such information is published to its website and review how consumers engage with the agency to find information.

In response to confusion from some trade groups about what CFPB offices to contact about what issues, the ombudsman's office reviewed how information is shared within CFPB. The office did not provide any recommendations to CFPB on the topic. Instead, it said "the Bureau already has efforts underway to address some of the concerns we heard from financial entities and trade groups."

In September, NAFCU and 15 other financial trades asked CFPB Director Richard Cordray for continued contact with stakeholders and more written guidance to aid compliance with the integrated mortgage disclosure rules taking effect Aug. 1, 2015.