CFPB Reports Possible Delays Regarding Mortgage and Eligible Debt Collection Rules | Man’s pepper with trout
The Consumer Financial Protection Bureau (CFPB) on Thursday reported that it may seek to delay implementation of the agency’s recently completed mortgage and qualifying debt collection rules. Although the qualified mortgage rule is expected to take effect on March 1, 2021 (and the debt collection rule on November 20, 2021), delaying either could lead to a reopening of these rules once the representative President Joe Biden’s permanent will be in place.
In one blog post, Acting Director Dave Uejio said he was asking staff to “explore options to preserve the status quo with regard to quality management and debt collection rules.” These rules last year revised the qualified mortgage requirements and finalized the changes to the Fair Debt Collection Practices Act (FDCPA).
Both sets of rules were released by former CFPB director Kathleen Kraninger, appointed by Trump. Kraninger resigned in january when President Biden took office.
Uejio, who was previously CFPB’s chief strategy officer, provided guidance to staff as part of a broader regulatory and research agenda to advance the dual priority of helping COVID-19 and affect racial equity.
Uejio also signaled possible future action when he said he “will assess regulatory actions taken by previous management and adjust as necessary and appropriate those that are not in line with our consumer protection mission and mandate.” However, Uejio ultimately remains a temporary figurehead who wants to maintain “maximum political flexibility” for Rohit Chopra, the director of Biden. candidate for the head of the CFPB as permanent director, pending confirmation.
Troutman Pepper will continue to monitor these regulatory developments.