Meanwhile, although GSE risk sharing seems popular in some circles, FHFA itself admitted recently that some of this coverage has come at premium cost to Fannie and Freddie.
The law professors believe the CHOICE Act would take the mortgage industry back to the recent past, which was characterized by risky lending and lax regulatory oversight.
Sam Kazman, general counsel for the Competitive Enterprise Institute, says the hearing involves fundamental issues about the basic structure of our government…
CFPB Director Richard Cordray, in an unusual move, attended the weekly caucus meeting of the Democrats in the House of Representatives last week. That prompted his chief GOP antagonist, House Financial Services Committee Chairman Jeb Hensarling of Texas, to say Cordray’s appearance shows that Democrats use the CFPB as a political war machine. “Everyone knows Mr. Cordray will likely leave the CFPB soon and pursue political office in Ohio again, but his attendance at what amounts to nothing more than a Democrat pep rally shows just how partisan and politicized he and his supposed ‘independent’ agency truly are,” the Republican said. According to Hensarling, liberal elites in Washington, DC, want to keep the bureau unaccountable to the American people so ...
The Congressional Budget Office last week issued a detailed analysis of the fiscal aspects of H.R. 10, the Financial CHOICE Act, estimating the legislation would reduce federal deficits by $24.1 billion over the 2017-2027 timeframe. “Direct spending would be reduced by $30.1 billion, and revenues would be reduced by $5.9 billion,” the budget office said. Most of the budgetary savings would come from eliminating what’s known as the Orderly Liquidation Fund and from changing how the CFPB is funded. The budget office also estimates that, over the 2017-2027 period, and “assuming appropriation of the necessary amounts,” implementing the bill would cost $1.8 billion. The CHOICE Act was introduced earlier this year by House Financial Services Committee Chairman Jeb Hensarling, R-TX, ...
As a vote by the full House of Representatives nears on H.R. 10, the Financial CHOICE Act, dozens of law professors from around the country wrote congressional leadership to oppose provisions of the bill that would gut the CFPB. In their letter, the legal academics took particular issue with Title VII of the legislation, which would subject the CFPB to the regular congressional appropriations process and eliminate the bureau’s rulemaking, supervisory and enforcement authority (including that over unfair, deceptive or abusive acts or practices, or UDAAP). “Title VII of H.R. 10 seeks to kill the CFPB by a thousand cuts,” the professors said. “Historically, Congress has accorded all federal bank regulators independence to insulate their decisions from industry and political ...
The Financial Services Roundtable advised the Trump administration that the structure of the CFPB needs to be changed, and that the agency should revise a handful of its key mortgage rulemakings, most notably the ability-to-repay/qualified mortgage rule, the Home Mortgage Disclosure Act rule and the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, or TRID. The FSR’s call came in a detailed response to President Trump’s Executive Order 13777, “Reducing Regulation and Controlling Regulatory Costs,” issued earlier this year, directing the Treasury Department to conduct an assessment of financial regulations to evaluate how they align with the White House’s core principles of financial regulation.In terms of the bureau itself, the industry organization said the governance structure ...
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