Democratic lawmakers recently introduced a bill to both chambers of Congress to repeal the partial exemption granted last year to smaller institutions from certain mortgage reporting requirements.
The CFPB appears to have shifted away from addressing lending discrimination via enforcement actions, according to the bureau’s first semi-annual report to Congress under Director Kathy Kraninger. The report covers bureau activities from April 1, 2018, to Sept. 30, 2018.
In yet another effort for deregulation following the controversial payday lending rule proposal, the CFPB is likely to propose changes to the mortgage disclosure rule, according to industry observers.
Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”
Reports that Radian Group was in talks with private equity firms for a potential sale delivered a fillip to the company’s shares though those discussions fell through.
The Department of Veterans Affairs issued guidance on policies regarding cash-out refinancing loans on Feb. 15, the same day the rules were to become effective.
State regulators went on the offense last week, contending week contended that the Consumer Financial Protection Bureau lacks authority to create a regulatory fintech sandbox.
The parent company of HomeStreet Bank last week said it is looking to sell its standalone home loan centers and a majority of its mortgage servicing rights. Officials at the Seattle-based lender cited a number of factors for the divestiture, including reduced demand for refinances and regulatory issues specific to banks.
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