The Consumer Financial Protection Bureau (CFPB) has submitted its final rule regarding mortgage servicing to the White House Office of Management and Budget for review. The regulation, titled Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties, aims to finalize a loss mitigation overhaul originally proposed in 2024.
Industry observers anticipate the final version will be significantly narrower than the initial proposal drafted under the Biden administration, which faced pushback from the banking sector for being overly broad. The CFPB has recently signaled a preference for fixed, clear rules over the open-ended frameworks previously suggested.
Separately, the bureau is re-evaluating its open banking rules, specifically regarding whether banks may charge for access to customer-authorized data. This decision impacts both traditional financial institutions and FinTech companies that rely on account-linking services and data connectivity.
A survey of 100 FinTech firms conducted by PYMNTS Intelligence and Velera indicates that 70% of respondents prioritize data security, while 60% focus on compliance. Only 50% of the surveyed companies identified artificial intelligence automation as a primary priority.
Data from PYMNTS Intelligence also shows that 36% of credit unions act as quick followers, launching products only after seeing evidence of their effectiveness. In contrast, only 5.2% of credit unions strive to be first-to-market with new financial products.
