HousingWire tells MHProNews.com Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, appearing before a House subcommittee, says he is examining the exclusion of smaller banks from regulations targeted at larger firms responsible for the housing crisis. He says the bureau will analyze how the rules might impact banks with assets below $10 billion. Responding to lawmakers ongoing concerns that the CFPB might be prone to overstep its boundaries, Cordray reiterated the oversight provisions that apply to CFPB that do not apply to any other agency. He says the qualified mortgage requirements will be proposed soon, and the rule that conjoins the Truth-In-Lending-Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) will be released before summer. He also says the CFPB will continue to assume its regulatory role over the entire mortgage process as well as non-bank lenders.
