January 9, 2012
On Thursday, January 5, 2011, President Obama installed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB) using a recess appointment. While the appointment procedure has been questioned, it is fully expected that Cordray will hit the ground running in dealing with the numerous issues on the plate of the CFPB.
Key issues ahead for CFPB include the Qualified Mortgage (QM) rule and the associated ability to repay provisions governing so called "safe mortgages." Also, CFPB is in the midst of a broad effort to combine Real Estate Settlement Procedures Act and Truth in Lending Act disclosures, forms, and associated regulations. NAR has been actively working with CFPB on these and other regulatory issues in order to ensure that consumers have access to affordable and widely available mortgage credit and that any changes are not needlessly burdensome to consumers or real estate professionals.