WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics.
On Wednesday, April 26, 2023, the Consumer Financial Protection Bureau (CFPB) will visit Brooklyn, New York, where Director Rohit Chopra will host a discussion with local community organizations, advocates, leaders, and members of the public about “zombie” second mortgages — debts that consumers thought were satisfied long ago by loan modifications or bankruptcy proceedings or that were written off by lenders as uncollectable — and other debt collection issues.
Thank you, Chair Matzie, Chair Member Marshall, Representative Pisciottano, and committee members for inviting me to speak today about the important issue of junk fees in the US economy. My name is Brian Shearer, and I serve as a Senior Advisor to the Director of the federal Consumer Financial Protection Bureau (CFPB), Rohit Chopra. I oversee the CFPB’s work on regulations, guidance, bulletins, and policy statements on a number of federal consumer financial protection laws.
As discussed here, in 2016 the Central District of California granted judgment in favor of the Consumer Financial Protection Bureau (CFPB) in its long-running challenge to CashCall, Inc.’s tribal-lending operation.
The FY 2022 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2021 through Sept. 30, 2022.
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