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CFPB Calls for Public Hearing on Reverse Mortgages

The Consumer Financial Protection Bureau announced Wednesday it will hold a field hearing on reverse mortgages on June 27 in Tampa, Florida.

Richard Cordray, the CFPB’s director, is scheduled to provide remarks, along with Deputy Director Raj Date, and Skip Humphrey, who leads the bureau’s Office of Older Americans.

Additionally, testimony will be provided by consumer and civil rights groups, industry representatives and members of the public.

Lender representation is expected at the hearing. The agency is currently working on a required reverse mortgage study under a July 21 deadline, mandated by Dodd-Frank. In a February annual report to Congress, the agency reported that work on the study was under way, and that the CFPB planned to continue to seek information from industry participants as the study progressed.

The event is open to the public. Find more information here.

Written by Elizabeth Ecker