Acting CFPB Director Seeks to ‘Preserve Status Quo’ on QM, Debt Collection

Acting Consumer Financial Protection Bureau Director Dave Uejio today signaled that the bureau may move to reconsider recent final rulemakings on Qualified Mortgages and debt collection. In a letter outlining his priorities for the bureau’s Division of Research, Markets and Regulations, Uejio directed bureau staff to “explore options for preserving the status quo with respect to QM and debt collection rules.”

He also expressed his commitment to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for women-owned, minority and small businesses, “without delay.”

Additionally, Uejio asked RMR to focus its mortgage servicing rulemaking on addressing a potential foreclosure crisis that could arise when COVID-19 forbearances expire. He also called for reports on housing insecurity consumer finance barriers to racial equity and for the resumption of data collections that were paused at the beginning of the pandemic, including Home Mortgage Disclosure Act quarterly reporting and CARD Act data collection.