Newsroom
CFPB issues RFI on products to encourage opportunities for homeowners
The CFPB issued a request for information (RFI) Thursday stating the bureau is “asking for public input on ways to spur new mortgage products that help households.” The CFPB is asking for information on innovative ideas to “address persistent market failures and to help borrowers access beneficial refinancing along with short- and long-term loss mitigation assistance.” The bureau said this RFI is part of its initiative to foster innovation and competition in consumer finance markets.
Explaining the RFI, CFPB Director Rohit Chopra said, “The mortgage market has not provided products that allow all households to save money by refinancing at a lower interest rate. We are eager for input on ways that borrowers taking out loans today can refinance to lower rates in the future.”
The bureau is specifically requesting information on:
· targeted and streamlined refinance programs to improve mortgage refinancing;
· innovative refinancing products, including automatic refinancing; and
· automatic forbearance and long-term loss mitigation assistance for homeowners facing financial struggle.
Earlier this week, the CFPB released a new Home Mortgage Disclosure Act (HDMA) data report on mortgage lending trends from last year, noting that mortgage originations have climbed while the number of households refinancing dropped. Additionally, NAFCU has previously discussed credit union mortgage lending trends with Fannie Mae and the Federal Housing Finance Agency.
NAFCU will issue a Regulatory Alert to break down the RFI and the association welcomes feedback about credit union mortgage products.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.