The Consumer Financial Protection Bureau (CFPB) has increased its focus on mortgage servicers. Mortgage servicing intersects two CFPB priority areas: COVID-19 relief and discrimination enforcement. Mortgage servicers should be prepared for a significant increase in the CFPB’s regulatory activity.
The Consumer Financial Protection Bureau is now sifting through dozens of comments on a rulemaking on open banking that presents a rare opportunity for bi-partisan agreement, and may determine the pace of innovation for the financial services industry. Patomak’s Paul Watkins and op/ed co-author Jonah Crane write that consumers need a clear right to share all of their up-to-date data viewable today in an online account.
Patomak CEO Paul Atkins writes in a Wall Street Journal opinion piece, “Borrower Beware!”
"Businesses with flexibility should seriously consider to what extent accepting the terms of federal loans or other support may be a Faustian bargain for their long-term business operations and strategy. The ultimate cost may dramatically outweigh the temporary gain."
Atkins draws on his experience on the Congressional Oversight Panel for TARP, which oversaw emergency spending in response to the 2008-09 financial crisis and discusses considerations businesses should make now before filing for federal assistance.