Banking agencies proposed a rule that would require mortgage originators and secondary market issuers to "adopt policies, practices, procedures, and control systems to ensure that automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
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The banking agencies set a comment deadline of August 21, 2023 for a proposed to require mortgage originators and secondary market issuers to ensure that "automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
The CFPB adopted two final rules relating to the definition of qualified mortgages, which will expand the scope of the definition and the types of mortgages that government-sponsored enterprises may purchase.
The Consumer Financial Protection Bureau and the Federal Trade Commission highlighted efforts to stop improper debt collection practices.
In a partially redacted Order in a "Supervisory Designation Proceeding," the CFPB determined that it has supervisory authority over an installment lender after concluding that the lender met the legal standard for supervision under the Consumer Financial Protection Act.