Earlier this year, Treasury Secretary Steven Mnuchin told the Senate Banking Committee he has the authority to restructure Fannie and Freddie without any change in law.
House Bill Would Strengthen Online Credit Card Disclosures. Rep. David Price, D-NC, recently introduced the Online Credit Card Disclosure Act, legislation which would require credit card companies to inform consumers about the risks associated with minimum debt payments by regularly publishing clear, personalized pay-down disclosures online, including websites and mobile apps. “As more and more Americans handle their financial affairs [Includes three briefs] ...
The CFPB recently announced plans to create a “regulatory sandbox” to encourage consumer-friendly innovation in financial services. The mortgage industry sees it as an opportunity to enhance the emerging niche of loans that fall outside the qualified mortgage standard. “I’m optimistic,” said Justin Wiseman, an associate vice president at the Mortgage Bankers Association. “I think [the plan is] broadly beneficial across the mortgage market … one area that might ...
Mortgage lenders want the CFPB to exempt single-family residential construction loans from the Real Estate Settlement Procedures Act / Truth in Lending Act Integrated Disclosure Rule. The TRID rule implemented by former Director Richard Cordray expressly applies to most construction loans that are secured, closed-end consumer credit transactions. Such loans are subject to the same extensive cost and term TRID disclosures as permanent purchase ...
The House Financial Services Committee recently cleared a bill that would change the definition of “points and fees” for the qualified-mortgage standard under the Truth in Lending Act. Introduced by Rep. Bill Posey, R-FL, the Mortgage Fairness Act of 2017, H.R. 2570, revises points and fees when determining whether a loan is a “high-cost mortgage.” The bill passed through the committee on a 34-22 vote. The revised definition excludes from points and fees ...
Kathy Kraninger, President Trump’s nominee to be the next CFPB director, last week responded to questions sent by Democrat members of the Senate Committee on Banking, Housing, and Urban Affairs. The questions followed on the heels of a confirmation hearing earlier in July where Democrats accused the nominee of stonewalling. The Democratic lawmakers sent three lists of questions, over 10 pages, covering issues ranging from the nominee’s day-to-day job ...
The CFPB has been accelerating its enforcement actions in the past two months, and attorneys said Acting CFPB Director Mick Mulvaney is now defending the bureau’s enforcement power, with a new strategy and focus. “The enforcement actions are being announced more frequently now,” said Allen Denson, partner at Hudson Cook. “I expect the steady clip of settlements we’ve seen over the last two months to continue.” After Mulvaney took the reins at the ...
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