CFPB

The mortgage industry was caught off guard by regulators’ decision to cease special treatment for Fannie Mae and Freddie Mac in complying with underwriting rules. But how big of an impact will the new policy have?

The agency’s director said it will let a temporary GSE exemption from the “qualified mortgage” regulation expire.

The timing of the settlement serves as a warning to other companies of the risks they face in an increasingly data-focused economy.

The agreement with authorities including the Federal Trade Commission and state attorneys general — and possibly the Consumer Financial Protection Bureau — may be announced as soon as Monday.

The current overdraft rules could use some tweaks, but it should largely remain the same to protect consumers.