Senate returns CFPB director nomination; Newrez settles servicing issues with Massachusetts; CFPB makes annual inflation adjustments for mortgage regulations.
The Loan Syndications and Trading Association said the SEC has clarified that CLO tranches can be classified as receivables for accounting purposes, clearing regulatory uncertainty for banks.
A federal district court judge said a lapse in funding at the CFPB would make it impossible for the bureau to fulfill its obligations under an existing preliminary injunction.
CFPB Consumer Advisory Board member Chelsie Evans, executive director of Hawaiian Community Assets, said that for genuine collaboration among the CFPB, lenders and community organizations, “the system must ensure that families do not bear all the risk, while institutions bear none.”
The federal banking regulators opposed Colorado’s attempt to enact a law that would allow the state to make out-of-state banks subject to its interest rate caps when lending to Colorado borrowers.
Members of the CFPB’s Consumer Advisory Board cautioned against the bureau’s shift in fair lending priorities, including the elimination of disparate impact to prove discrimination.