HFSC v. CFPB
When the CFPB's director testified before the House Financial Services Committee this week, he cited the growth of mortgage originations, credit cards, and auto loans as counters to the concerns that the bureau's creation would adversely impact lending. But committee members didn't let him off that easy, challenging the bureau on such issues as the "downright insulting" use of borrowers' last names to determine who are minority auto buyers and the failure to take into account FICO score when determining whether minority borrowers are paying more ("a lot of banks have moved away" from that practice, countered Cordray). [10/1/15]
