September 09, 2013

Allyson Baker interviewed in Mortgage Banking Q&A on CFPB oversight

1 min

Venable partner Allyson Baker was interviewed in the September 2013 issue of Mortgage Banking on the Consumer Financial Protection Bureau’s (CFPB) oversight of the mortgage industry. The Q&A covered a variety of topics including the bureau’s early days and advice for mortgage professionals on CFPB examinations and enforcement policies.

When asked about CFPB priorities, Baker said, “I’m not sure I would characterize the Office of Enforcement as looking to particular laws and making them a priority. What I would probably say is there’s an interest in looking at certain practices and certain kinds of markets. And one of the authorities, and a very important authority, that the CFPB has is the authority to enforce the prohibition against unfair, deceptive and abusive acts and practices.”

Baker also addressed concerns by mortgage lenders undergoing a CFPB audit for the first time and not knowing what to expect. “To some extent the CFPB is a new agency, and so some of the expectations that people have in terms of what to expect when they show up – and how the CFPB is handling these things – is a work in progress,” Baker said. “There is actually available to everybody a large document called the Supervision Examination Manual.”