All CFPB employees, including examiners, will telecommute until April 3 in response to the coronavirus, potentially putting all rulemaking, supervision and enforcement activities at the bureau on hold.
And therein lies a chief fear for the mortgage industry: as the economic damage caused by the spreading coronavirus piles up, will nonbank Ginnie issuers have enough liquidity to make those payments in the months ahead?
The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.
A panel in the Fifth Circuit Court ruled the CFPB’s leadership structure is constitutional. Interestingly, the circuit court last year said the structure of the FHFA — which is similar to the CFPB — is unconstitutional.
RSS