According to Wallison: “There is nothing about the way the government has managed the housing finance system for the last 50 years that would remotely recommend a continuing government role.”
Tuesday’s panel discussion has been dubbed the “think tank” hearing because it includes representatives from the Urban Institute, the Milken Institute and American Enterprise Institute…
Ocwen Financial appears to be just as mystified as anyone else when it comes to understanding why the Department of Justice has not weighed in on the company’s dispute with the CFPB, as it had been invited to do. But that hasn’t kept the nonbank mortgage servicer from asking the court to proceed with oral arguments. Late last month, Ocwen filed a supplemental motion with the U.S. District Court, Southern District of Florida, West Palm Beach Division, in favor of its earlier motion to dismiss the bureau’s complaint against it. The purpose of the motion is “to clarify the position of the United States [government] on the issue of plaintiff CFPB’s structural unconstitutionality, in light of the inaction of the ...
Republican efforts to repeal and replace the Patient Protection Affordable Care Act may have faltered, but a GOP-controlled White House, Senate and House were able to unite and achieve at least one major accomplishment: they deep-sixed the CFPB’s controversial rule banning mandatory arbitration clauses in most consumer financial services contracts. Last week, President Trump turned aside an unusual personal appeal from CFPB Director Richard Cordray and went ahead and signed into law the joint resolution under the Congressional Review Act that permanently overturns the bureau’s problematic rule.Under the act, not only is the bureau’s rule now rendered null and void, any successor to Cordray will be unable to push through another substantially similar measure. That means only Congress can ...
Industry representatives were pleased with the news that the Republican-controlled Congress and the Trump administration were able to cooperate and overturn the CFPB’s controversial rule banning mandatory arbitration clauses in most consumer financial services contracts. According to Consumer Bankers Association President and CEO Richard Hunt, “The CFPB’s rule was never about protecting consumers; rather, it was about protecting trial lawyers and their wallets,” he said. “The CFPB’s own study backs that up and proves trial lawyers would have been the real winners had this rule gone into effect.”Rob Nichols, president and CEO of the American Bankers Association, characterized the vote as a win for consumers. “As we and others made clear in our multiple comments to the CFPB, the ...
House Financial Services Committee Chairman Jeb Hensarling, R-TX, surprised some in the nation’s capital last week by announcing he would not seek re-election when his term expires in 2018. Hensarling was already slated to surrender his chairmanship of the committee due to term limits, but he certainly had enough seniority to lay claim to another powerful position within the GOP leadership in the House. Instead, he opted to depart elected office entirely, citing a desire to spend more time with his family. The news immediately prompted speculation inside the Washington, DC, beltway about Hensarling’s next destination: at the helm of the Federal Housing Financial Agency or perhaps the CFPB? Jaret Seiberg, an analyst with the Cowen Washington Research Group, ...
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