WASHINGTON—The CFPB is reconsidering how it examines financial institutions, according to Director Kathy Kraninger, "to ensure that [the Bureau is] risk-prioritizing our resources, utilizing technology to automate certain tasks and taking full advantage of appropriate partnerships with … fellow regulators."
In addition, she also said the Bureau is in discussions with the Federal Housing Finance Agency (FHFA) and Treasury Department about the qualified mortgage (QM) patch, which it also mentioned in conjunction with the release of its spring rulemaking agenda.
The QM patch is set to expire in January 2021. It allows loans purchased or guaranteed by the government-sponsored enterprises to exceed the bureau's 43 percent debt-to-income ratio.
The Bureau recently assessed its ability-to-repay/QM rule and in January gave NAFCU's Regulatory Committee an update on the assessment, during which credit unions asked specifically for an extension of the patch.
Kraninger made the comments at the Exchequer Club in Washington.