RENO, Nev. (6/19/14)--The Consumer Financial Protection Bureau's Consumer Advisory Board (CAB) hosted an open meeting to discuss the impact of new mortgage rules that took effect earlier this year. The multi-session meeting featured several panel discussions and question and answer sessions with various officials from the CFPB.
"The CAB is designed to bring us input from those who work in these markets and on-the-ground with consumers," said Steve Antonakes, deputy director of the CFPB. "We use that feedback to inform our policymaking and to evaluate the effectiveness of our rules and also to consider its implications for the Bureau's other programs.
Antonakes also addressed concerns about the quality of regulators since the rules have been implemented. He said that while the CFPB did not put a lot of time and effort in training prior to the implementation of the rules, in the past six months the bureau has trained "hundreds" of CFPB examiners and prudential regulators. He also said the CFPB is now focused on compliance on a broad scale.
Adam Levitin, professor of law at Georgetown University and CAB member, said that certain lenders are concerned with more detailed lending requirements, and that it could lead to increased possibilities of putbacks, when the lender is required to repurchase a sold mortgage. Levitin said this could contribute to a tightness when it comes to availability of credit.
Other comments raised during the meeting include:
According to the CFPB, a video of the meeting will be posted to their website in the coming weeks.