On April 6, 2022, the Consumer Financial Protection Bureau (CFPB) released the semi-annual review of its regulatory actions for the period beginning April 1, 2021, and ending September 30, 2021. The report, a statutory requirement of Dodd-Frank, highlights several steps the CFPB has taken on consumer-related issues including moves to increase workforce and contracting diversity, examine racial bias in home appraisals and address hidden fees assessed by financial services companies.
The report also details CFPB’s actions on housing-related matters like its ramped-up scrutiny of consumer reporting agencies (CRAs), resident screening reports, debt collection practices associated with the eviction moratorium and the effects of the COVID-19 pandemic on renters. Through its cross-governmental approach with agencies like the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA), CFPB developed consumer resources on mortgage forbearance, foreclosure, eviction prevention and other specific actions that consumers could take to avoid housing displacement.
In the report, the CFPB notes that it received more than 800,000 complaints regarding consumer reporting issues. The CFPB has signaled that it will continue to pay close attention to the actions of CRAs and housing providers and take corrective actions through rulemaking and other policy initiatives to ensure that statutory requirements under the Fair Credit Reporting Act (FCRA) are observed by both furnishers and users of consumers reports. Housing providers rely on the critical information produced in resident screening reports as objective, accurate assessments of an applicant’s ability to meet the obligations of a rental housing lease.
The National Apartment Association (NAA) will continue to monitor CFPB actions that impact housing providers and ensure that regulators are aware of the tools necessary to operate safe, quality and affordable rental housing.
For more information on the regulatory actions of the Consumer Financial Protection Bureau, please contact Sam Gilboard, NAA’s Senior Manager of Public Policy.