Well, at least the White House is happy. Fannie and Freddie turned over $66.4 billion to the government at the end of June, money that will help reduce the deficit.
The Federal Reserve will go ahead with proposed rule changes related to mortgage servicing rights, but with what it calls a “lengthy transition period.”
The silver lining in the 2Q numbers is a strengthening home-purchase market. Fannie and Freddie securitized $81.7 billion of home-purchase mortgages during the second quarter, their highest quarterly volume since the second quarter of 2009.
Legislation Would Pre-Empt CFPB Oversight of CUs in a Few Regards. On the last work day of June, House Financial Services Committee Vice Chairman Gary Miller, R-CA, introduced a credit union regulatory relief bill that would pre-empt CFPB oversight of credit unions in a few potentially significant regards. Miller’s “Regulatory Relief for Credit Unions Act of 2013” would, among other things, authorize the National Credit Union Administration to step in “where appropriate” to modify a CFPB rule affecting credit unions. It also would...
Rep. Spencer Bachus, R-AL, chairman of the House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law, recently introduced H.R. 2446, the “Responsible Consumer Financial Protection Regulations Act of 2013.” The legislation would replace the director of the CFPB with a five-person commission. The five members would be appointed by the president, with the approval of Congress, to serve staggered terms of five years each. The chair of the panel would serve as the CFPB’s principal executive officer...
If an organization hasn’t already done so, it would be well advised to institute a complaint management process. During the recent American Bankers Association’s regulatory compliance conference, Mary Clouthier, senior audit manager with the compliance and operational risk audit team at Wells Fargo, rattled off nearly a dozen components that should make up an effective complaint management process. She started with, surprisingly for some, an institutional definition of “complaint.” A complaint could be defined as “an oral or written...
In response to a significant amount of public input – and private bellyaching – from the mortgage finance industry, the CFPB last week issued a number of proposed clarifications and revisions to several mortgage rulemakings finalized in January 2013, including changes to those having to do with loan originator compensation. The proposed changes would, among other things, clarify the definition of a loan originator. Under the CFPB’s January 2013 loan originator compensation final rule, persons classified as loan originators...
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