The House Financial Services Committee last week advanced a number of bills for a vote by the full House, including legislation that would expand the qualified mortgage box for smaller entities and exempt many institutions from the rules and regulations issued by the CFPB. One of the bills passed was H.R. 2226, the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr, R-KY. The measure would amend the Truth in Lending Act to allow certain mortgage loans that are originated and retained in portfolio by an insured depository institution or an insured credit union with less than $10 billion in total consolidated assets to be considered as qualified mortgages. Then there was H.R. 1264, the Community Financial Institution ...
Some top compliance attorneys are optimistic that the CFPB under Acting Director Mick Mulvaney, or another President Trump appointee, will provide greater regulatory relief and clarity for lenders, and an easing of enforcement activity. Included in that mix could well be a return to the more traditional interpretation the Department of Housing and Urban Development had for the Real Estate Settlement Procedures Act. Gerald Sachs, formerly senior counsel for policy and strategy at the bureau and now a partner with the Venable law firm in Washington, DC, told Inside the CFPB recently he anticipates that “mortgage rules would be amended or revised to lessen the regulatory burden, clarify industry concerns or issues, and allow more access to credit.” In addition, ...
It’s likely that mortgage lenders and servicers will get some degree of consideration and accommodation from the CFPB during the Trump administration, thanks to some reviews the bureau is required to make of its major rulemaking as per the Dodd-Frank Act. “The Dodd-Frank Act requires the CFPB to look back and conduct an assessment of each significant rule not later than five years after its effective date,” said former CFPB official Benjamin Olson, now a partner in the Washington, DC, office of the Buckley Sandler law firm, during a webinar last week sponsored by Inside Mortgage Finance. The purpose of this assessment is to look at the effectiveness of the rule in meeting its purposes and objectives under the statute ...
The CFPB is Still Open, Government Shutdown and Mick Mulvaney Notwithstanding. Much of the federal government in Washington, DC, is back in shutdown mode, after last-minute budgetary brinkmanship on Capitol Hill failed to keep the requisite funds flowing. ... Cordray to Face Kucinich in Contest for Democrat Nomination for Ohio Governor. Former Rep. Dennis Kucinich, D-OH, recently filed paperwork with the Ohio Secretary of State’s office officially declaring his candidacy for the Democrat nomination for governor, an indication that former CFPB Director Richard Cordray will face plenty of opposition for the position....
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