One of the most surprising aspects of the sudden drama associated with the departure of Richard Corday as director of the CFPB – who started at the bureau with a cloud of controversy and left it the same way – is that the bureau’s own general counsel, Mary McLeod, supported the position of the Trump administration in the struggle for control of the agency. “Questions have been raised whether the president has the authority under the Federal Vacancies Reform Act to designate Mick Mulvaney, the director of the Office of Management and Budget, as the acting director of CFPB following the resignation of Richard Cordray ..., even if the deputy director otherwise could act under 12 U.S.C. §5491(b)(5),” she said in a memorandum ...
During his first press conference as acting director of the CFPB, Mick Mulvaney spelled out the charge he was given in taking control of the agency, and elaborated upon his view of the bureau as a regulatory entity that has overstepped its bounds. “[President Trump] wants me to fix it,” Mulvaney began. “He wants me to get it back to the point where it can protect people without trampling on capitalism, without choking off the access to financial services that are so critical to so many folks.” He then cited the “many folks who are in the lower and middle classes, folks who are trying to start their own businesses, people who are trying to break out, people who are ...
Office of Management and Budget Director Mick Mulvaney, President Trump’s choice to serve as acting director of the CFPB, assumed control of the agency Monday, Nov. 27, 2017, and quickly established a dramatically different direction for the agency, one far less hostile to the financial services industry. In his first press conference as acting director, one week ago, Mulvaney shook things up while trying to strike a more balanced approach, one far less hostile towards the financial services community. “This is an ordinary course of business in Washington, DC. What you’re witnessing today at the CFPB happens at every single agency every couple of years, which is a transition,” he said. [Includes a timeline chart.]
Nine senators said they would work to invalidate any new rules issued by the CFPB if Leandra English prevails in her attempts to unseat and replace the bureau’s acting director, Mick Mulvaney...
According to figures compiled by affiliate Inside Mortgage Finance, Redwood ranked 11th among all non-agency jumbo producers through Sept. 30 with a volume of $2.99 billion.
Fannie Mae and Freddie Mac say they have made significant strides over the past year to address obstacles to the transition to a fully digital mortgage process that have been identified by mortgage lenders and other industry participants.
RSS