The Federal Financial Forum

Editor’s Note: The Paperwork Reduction Act comment request section of the proposal begins of page 447 of the 534 page proposed rule. The CFPB is not permitted to collect any of the data without OMB approval.

From: Mortgage Daily News

by: Jann Swanson

Public comments are being requested a a new proposed rule for collecting data under the Home Mortgage Disclosure Act (HMDA). The Consumer Financial Protection Bureau (CFPB) said the new rule includes changes the could help in shedding more light on consumers’ access to mortgage credit. The Bureau said it also aims to simplify the reporting process for financial institutions.

From: JDSupra Business Advisor

From: The House Committee on Financial Services

Inaccuracy #1: “When the U.S. Consumer Financial Protection Bureau opened in 2011, the best available government office space large enough to accommodate its thousand-plus employees was a run-down concrete building on G Street near the White House that once housed the now-defunct Office of Thrift Supervision.”

Cross-Posted from OIRA Watch

From: CFPB Monitor/Ballard Spahr

By Alan S. Kaplinsky

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.

From: L. A. Times

Jim Puzzanghera

A government watchdog criticized the Consumer Financial Protection Bureau’s controversial headquarters renovation, whose price tag has risen to an estimated $216 million, saying there was not a “sound business case” for the project because the agency never analyzed other options.

The inspector general’s report, released Wednesday, said bureau officials have been “unable to locate any documentation of the decision to fully renovate the building.”