The central bank said the proposal is intended to eliminate duplication of rules for entities covered by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Though Acting CFPB Director Mick Mulvaney tried unsuccessfully to strip the agency's fair lending office of its enforcement powers earlier this year, he insisted this week that the bureau "is still in the fair lending business."
The CFPB issued an interim final rule on Wednesday requiring that credit reporting agencies keep initial fraud alerts in a consumer’s file for at least a year.
The House Financial Services Committee has steadily passed regulatory reform legislation this year. But any measure faces a stiffer challenge in the upper chamber.
The consumer bureau alleges Future Income Payments lured vulnerable consumers into taking out high-cost loans in exchange for their future pension payments.
