“The opportunity for us is clear,” said Christopher Abate, president of Redwood. “Capital needs in this still emergent sector of housing finance continue to rise..."
In an unusual development for a top mortgage lender, BofA announced that it would no longer report any information about its mortgage banking operations.
Democrats are howling after Mick Mulvaney’s blatant “pay to play” comments at a banking industry event last week, calling for him to step down as acting director of the CFPB. Mulvaney said in a speech to the American Bankers Association that he only met with lobbyists who gave him financial donations when he served on Capitol Hill. “We had a hierarchy in my office in Congress,” said Mulvaney, former member of the House of Representatives from South Carolina. “If you’re a lobbyist who never ...
The month long deadlock in Congress over the bill to roll back various parts of the Dodd-Frank Act might soon end following an offer by the House GOP to pass the bill in its current form, signaled by Rep. Jeb Hensarling, R-TX. “I’d be happy to attend multiple signing ceremonies in the White House,” said Hensarling, who has previously expressed his desire to add dozens of House bills to the Senate-passed reg relief bill. In remarks at a U.S. Chamber of Commerce event, he added ...
The CFPB last week finalized a proposed amendment to its “Know Before You Owe” rule, fixing what is commonly known in the industry as the “black hole” issue. The final rule adopts a July 2017 proposal with only minor, technical changes. In broad terms, it gives lenders more flexibility in issuing revised closing disclosures that comply with the complex disclosure requirements mandated by Truth in Lending Act and Real Estate Settlement Procedures Act ...
Acting Director Mick Mulvaney has hired an experienced bureaucrat to fill a top political post overseeing the CFPB’s rulemaking, while another senior staffer who has been at the agency since its establishment has left. Mulvaney appointed Thomas Pahl, a former acting director of the Federal Trade Commission’s Bureau of Consumer Protection, to oversee the agency’s rulemaking. He joined the CFPB in April as a political appointee. The bureau is still under a freeze on hiring career ...
Two bipartisan bills recently introduced in Congress would force the CFPB to provide better guidance to the industry and keep the agency from regulating the insurance market. The Give Useful Information to Define Effective Compliance Act, or GUIDE Compliance Act (H.R. 5534), was introduced in the House of Representatives by Rep. Sean Duffy, R-WI, and cosponsored by Rep. Ed Perlmutter, D-CO. It would compel the CFPB to issue legally binding guidance and establish time ...
The Senate voted 51-47 to block guidance issued by the CFPB five years ago that said indirect auto lenders can be subject to liability for discriminatory pricing markups. The Congressional Review Act resolution introduced by Sen. Jerry Moran, R-KS, late last month was passed with the help of one Democrat, Sen. Joe Manchin, D-WV. The vote generally went along party lines. The five-page bulletin, titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act ...
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