Originally appearing in The New York Times on March 7, 2024, Ann Carnns talks to NCLC Senior Attorney Alys Cohen about how the CFPB had kept a close eye on mortgage lenders, but now, with the bureau hobbled, consumers should take several steps, starting with shopping for the best mortgage rates.
The bureau had effectively stopped overseeing if lenders were complying with consumer protection laws. Other federal regulators oversee banks, said Cohen, but their main focus is an institution’s overall safety and soundness, rather than its treatment of consumers. States also regulate banks and other lenders.
Alys Cohen, senior attorney at the National Consumer Law Center.
“People may be exposed to high prices and hidden relationships they may not know about.”
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