The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.
The former CFPB director won the state’s Democratic primary Tuesday night, and his tenure at the agency is likely to be a key issue in the general election.
The New Jersey mortgage lender and servicer won a huge victory in January when an appeals court threw out its fine levied by the consumer agency, but the court ruled against the claim that the agency's structure is unconstitutional.
As the Senate closes in on overturning the Consumer Financial Protection Bureau's 2013 indirect auto loan rule, a central question is how lasting the congressional measure will be in limiting the CFPB's authority.
The Consumer Financial Protection Bureau finalized a rule on Thursday that gives mortgage servicers more latitude in sending periodic statements to borrowers in bankruptcy.