Consumer Financial Protection Bureau (CFPB)

In an attempt to avoid the mortgage lending meltdown of the 2008-2011 era, the Federal Government created the CFB, which appears to have broad powers to investigate and , in some cases, promote rues and regulations in a large variety of residential lending, title insurance, debt collections and credit granting fields. The full impact of this Bureau is still not ascertainable. An example of its powers is the adoption of an "Ability to Repay Rule' which went into effect on January 10, 2014. It supposedly protects consumers  from debt traps by mortgage lenders. It requires lenders to look at customers income, assets, savings and debt and weigh those against the monthly payments over the long tem . Again the net effect of this rule is still to be determined but there seems to be some delay in residential funding in some instances and some additional appraisals being required before loans are approved. This seems to be another attempt by Washington to be involved in  and regulate the real estate industry and lender activity at the state level.