The CFPB in a recent court filing defended its constitutionality and said even if its structure is unconstitutional there is a better solution than invalidating the agency in entirety.
More than two dozen Democratic state attorneys general have threatened to sue if the CFPB delays the compliance date for the payday lending rule or goes ahead with its proposal to rescind the rule’s underwriting protection.
CFPB Director Kathy Kraninger last week reversed another policy decision made by former acting Director Mick Mulvaney: the bureau will enhance its advisory boards by increasing the frequency of committee meetings and extending membership terms.
In the latest installment of its “prevention of harm” philosophy, the CFPB criticized servicers for their handling of Home Equity Conversion Mortgages but failed to levy penalties, according to the bureau’s recent supervisory highlights report.
CFPB Director Kathy Kraninger faced criticism from Democrats on the Senate Committee on Banking, Housing, and Urban Affairs about recent bureau activities related to fair lending sanctions, the Military Lending Act examination and the new payday lending rule proposal.
Sen. Elizabeth Warren, D-MA, introduced legislation last week to make significant changes to the housing-finance market. The bill is essentially dead on arrival given the current makeup of Congress, but it signals some priorities for Democrats as they look to win elections in 2020.
Passive owners of mortgage servicing rights that have nothing to do with the monthly processing chores are now required to register with the Financial Institutions Division of the Ohio Department of Commerce, a change that has industry analysts and dealmakers scratching their heads.
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