CFPB Policy Update: Key Takeaways From A Discussion With Senior Advisor And Counsel To The Director, Elie Greenbaum

On June 25, 2026, DC-based Women in Housing & Finance hosted Senior Advisor and Counsel to the Director of the Consumer Financial Protection Bureau, Elie Greenbaum, for a wide-ranging discussion on the Bureau’s current policy priorities and regulatory outlook. Following are notable updates on the CFPB’s agenda for industry participants. This report is based on the input of several members of our Consumer Financial Services Group who attended the meeting. 

Affordable Mortgage Credit

The CFPB is actively working to implement Executive Order (E.O.) 14393 “Promoting Access to Mortgage Credit.” As we discussed in a previous blog, this EO seeks to reduce the compliance cost of mortgage origination and servicing by easing various regulatory requirements and enforcement policies, while also addressing the capital and liquidity frameworks applicable to community banks and smaller banks. The E.O. requires the CFPB to: review its Ability-to-Repay (ATR) / Qualified Mortgage (QM) rule; modernize its Home Mortgage Disclosure Act (HMDA) rule; consider revising related supervisory guidance; modernize its appraisal regulations; consider aligning supervisory expectations with other federal regulators; consider promulgating a policy against certain enforcement actions; and consider eliminating duplicative or unnecessary requirements regarding licensing or registration for mortgage loan officers. E.O. 14393 further requires “streamlining the requirements applicable to rate-and-term refinancing under Regulation X mortgage servicing rules.”

Greenbaum remarked that a new mortgage servicing rule is a top priority for the CFPB, with a clearer timeline for this item compared to other initiatives in its pipeline. Consistent with this positioning, the Bureau will be seeking stakeholder input through a forthcoming Request for Information Regarding Promoting Access to Mortgage Credit, which was submitted to the Office of Management and Budget’s Office of Information and Regulatory Affairs (OIRA) for review on June 22, 2026 and should be published in the Federal Register soon. While loan originator (LO) compensation was not specifically addressed in E.O. 14393, Greenbaum noted that LO compensation is not being ignored in the current review of mortgage rules and welcomed stakeholder input on the topic. We are aware of an effort to provide input on the rule to the CFPB.

Open Banking and Section 1033 Rule Revisions

Greenbaum noted that the CFPB is actively working on revisions to its Section 1033 rulemaking, which governs consumers’ rights to access and share their financial data. The Bureau emphasized its desire to create durable regulations built on broad consensus, recognizing that many vocal constituencies have an interest in the outcome of the rule. Recent press reports indicate that a proposed rule is likely to be published in July 2026, before Acting Director Vought’s term expires on August 1, 2026. See our discussion of federal and state developments with regard to Section 1033 here.

Enforcement Approach

Greenbaum described the CFPB’s enforcement agenda as “robust,” with current priorities focused on actions that are measurable and have a direct impact on consumers. He stressed the importance of the agency’s cooperation with state regulators, noted that the CFPB intends to minimize unnecessary costs for the industry from duplicative investigations, and reiterated the preference for clear rulemaking over “regulation by enforcement.” We recently blogged about the CFPB’s new enforcement principles.

ECOA and Regulation B

Greenbaum discussed the CFPB’s recent rulemaking intended to bring Regulation B in line with the text of the Equal Credit Opportunity Act’s (ECOA) prohibitions against discrimination, which we previously discussed here. The revisions are intended to decrease risks from debanking, increase participation in the credit market, and protect free speech. Greenbaum further acknowledged ongoing court challenges to guidance related to Special Purpose Credit Programs (SPCPs).

While unable to provide definitive clarification, Greenbaum confirmed that CFPB guidance regarding these programs has been updated to be consistent with Regulation B and we know that a prior guidance statement regarding these programs has been rescinded. We previously blogged about current challenges to the rulemaking, including the provisions about SPCPs, here.

Immigration Status and Ability-to-Pay Determinations

Following the recently issued E.O. 14406, “Restoring Integrity to America’s Financial System,” the CFPB published a statement in the Federal Register reminding industry participants of credit card and mortgage loan ability-to-pay requirements under the Truth in Lending Act and Regulation Z related to borrowers’ immigration status. The statement noted that “a creditor’s awareness of a consumer’s immigration status may implicate a creditor’s reasonable expectations about whether a consumer’s income from U.S.-based employment will remain available for repayment.” Greenbaum noted that the Bureau’s supervisory expectation is that lenders follow federal regulations, and lenders who receive documents suggesting questionable immigration status should be mindful of their ability to repay obligations. Unfortunately, as we previously noted, the CFPB statement raises compliance concerns without providing guidance on how to address the concerns. As a result, it is contrary to the goals of the EO. In July we will release a podcast on the guidance featuring Consumer Financial Services and Immigration lawyers.

Artificial Intelligence

Greenbaum expressed optimism about the use of artificial intelligence by industry participants and the CFPB itself to increase efficiencies. He noted that the Bureau is further considering how to supervise financial institutions’ use of AI tools and confirmed that consumer protection concerns related to AI are not being ignored. While responsible use of AI should be subject to regulation, Greenbaum was skeptical that AI might exacerbate discrimination risks.

Digital Assets

Regarding digital assets, Greenbaum noted that the CFPB is looking at how the Electronic Fund Transfer Act (EFTA) may apply to certain types of transactions, and identifying other consumer protection concerns in this evolving space. He indicated that clarity would best be provided through formal rulemaking, though guidance may be appropriate in some situations.

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