In Senate hearing Tuesday, agency director also defends $95 million cost of CFPB building work.
Agency handles growing number of requests as compliance gets more complicated.
Special page on CFPB's website provides information lenders are required to provide borrowers per new mortgage rules.
Consumers can now allege wide range of problems to federal authority.
Members write banks in their districts will not be ready in time.
WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)
Chief economist Bill Hampel testifies on housing finance reform Tuesday before Senate Banking Committee.
Rules took effect Monday and Self-Help FCU sees benefits.
New mortgage lending rules from the Consumer Financial Protection Bureau could affect the willingness of credit unions to offer new mortgage loans, a new CUNA survey showed.
If a credit union or other mortgage lender makes the business decision to only offer qualified mortgages, that fact alone would not increase the likelihood of a fair lending exam.