Russell Vought is expected to remain at the bureau as a senior adviser following the conclusion of his tenure under terms set by the Federal Vacancies Reform Act.
Rise Economy, a California-based nonprofit, has threatened to take legal action to block the OCC and FDIC proposal to revise Community Reinvestment Act requirements.
California’s new Business and Consumer Services Agency, led by former CFPB Director Rohit Chopra, will crack down on corrupt practices, lift small businesses and assist with state enforcement efforts.
Mark Paoletta said under Trump-era leadership, the bureau is developing targeted educational materials for consumers and is working to become a source of “unbiased objective information” consumers can trust.
Chris Willis, a partner at the law firm of Troutman Pepper Locke, said any credit risk identified in the new guidance from federal regulators is likely to have already been considered by lenders.
Industry trade groups are pushing for optimized investment tools, community bankers are warning against systemic risk and housing advocates believe the proposal will allow the GSEs to abandon the nation’s neediest populations.
More than 100 lenders have sought approval to participate in the GSEs’ pilot program for VantageScore 4.0. MBS investors are also seeking measures to prevent gaming, increase data transparency and ensure the GSEs can accept applications with more than one score.
Although the new condo rules have been criticized for being too stringent, GSE executives say many “expansions” have been added to the rules to make them more palatable.
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