June 22, 2020

Brown Blasts the CFPB for Proposing Rule to Reshape Mortgage Access During Pandemic

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the Consumer Financial Protection Bureau’s (CFPB) release of a proposed Ability to Repay and Qualified Mortgage rule, which would redefine mortgage underwriting requirements and protections for consumers. Brown urged the CFPB to halt this major rulemaking during the pandemic when stakeholders and advocates are not able to provide thoughtful comments.

Putting out a proposal to reshape access to affordable mortgages in the middle of a pandemic guarantees that this rule will not have the thoughtful look that it deserves. At a time when the CFPB is receiving the largest volume of complaints in its history, the CFPB should be focused on protecting consumers who are struggling, not this rule,” said Senator Brown.