Cole Taylor Mortgage is getting serious about the servicing business. It purchased a portfolio from Liberty Savings and plans to start its own in-house platform.
There is at least one curiosity in the GSE draft bill: any individual who ever served as a director of the Federal Housing Finance Agency is prohibited from serving as a board member on the new Federal Mortgage Insurance Corp.
The expansion of the CFPB’s consumer complaint database moved to another level last week, with the inclusion of state-by-state searchable information, as well as complaints about money transfers and credit reporting. The updates, among other things, add a new field to every complaint – the state it came from. While five-digit ZIP Code information – provided by the consumer – has always been included in the complaint information, adding the state helps people more easily localize data, according to the bureau. The state...
The Federal Reserve Board Office of Inspector General is putting the CFPB’s controversial use of enforcement attorneys in its examination process under the microscope, according to the OIG’s semiannual report to Congress. “We initiated an evaluation of the CFPB’s integration of enforcement attorneys into its examinations of banking and nonbanking institutions’ compliance with applicable consumer protection laws and regulations,” the OIG said. Its objectives for this evaluation are to assess the potential risks associated...
The U.S. Solicitor General has asked the Supreme Court of the United States not to grant the petition for certiorari pending in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc., a case that raises the question of whether disparate impact claims can be brought under the Fair Housing Act. Mt. Holly involves a challenge to a redevelopment plan in the Mount Holly Township of New Jersey over questions as to whether it was having a disparate impact on minorities. Last summer, the township formally asked the SCOTUS...
The CFPB and the Conference of State Bank Supervisors recently entered into a coordination framework that will help synchronize the supervision of non-depository financial services providers and covered depository institutions with more than $10 billion in assets. This framework provides processes for the coordination of exam schedules; the development of comprehensive supervisory plans for particular institutions; the coordination of information requests; streamlining of information sharing; and the provision of...
All 45 Republicans in the U.S. Senate have filed a brief asking the U.S. Supreme Court to grant certiorari in NLRB v. Noel Canning, the case in which President Obama’s recess appointments to the National Labor Relations Board were declared unconstitutional. “The president’s decision to circumvent the American people by installing his appointees at a powerful federal agency while the Senate was continuing to hold sessions, and without obtaining the advice and consent of the Senate, is an unprecedented power grab,” Senate...
Sen. Rob Portman, R-OH, is reportedly working behind the scenes to try to thaw the ice jam among his GOP colleagues in the Senate that continues to thwart movement on a vote of President Obama's second nomination of Richard Cordray as director of the CFPB. The Capitol Hill publication Roll Call, citing a senior GOP aide, said that Portman has been meeting with Cordray recently, as well as bringing together members of both parties to try to find some common ground on changes to the bureau that would address Republican complaints...
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