Pete Mills, a senior vice president at the Mortgage Bankers Association, said the registry is an “unnecessary and redundant move.” The final rule requires nonbanks to report to the CFPB any government or court orders penalizing them for violations of consumer protection laws.
The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.
Stakeholders say the GSEs’ proposed definition of “first-generation homebuyer” in their equitable housing-finance plans unfairly excludes many of the people the enterprises and the FHFA want to help.
Sen. Elizabeth Warren, D-MA, has called for a significant increase in the FHLBanks’ required contribution to affordable housing. She also urged FHFA to change the membership eligibility requirements to encourage more housing and community development activities.
Freddie Mac CFO Christian Lown informed the board last week that he will step down at the end of this month. No reason was given for his departure, which was announced quietly via an SEC filing.