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 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 ...
The CFPB has stepped back into the Real Estate Settlement Procedures Act enforcement ring by probing Zillow over issues related to co-marketing. The probe of the company’s co-marketing initiative was disclosed to the public earlier this month by Zillow CFO Kathleen Philips during the company’s first quarter earnings conference call with investors. “Over the past two years, the CFPB has been reviewing our program for compliance with RESPA,” Philips said. “Recently, the CFPB requested additional information and documents from us as part of their evaluation, which we are working with them on,” she added. “We believe our co-marketing program has, and continues to, allow agents and lenders to comply with the law while using our product.” This could be another ...
In response to President Trump’s recent executive orders on regulatory reform, the Department of Housing and Urban Development announced it is looking for industry feedback on any of its existing regulations that might be outdated, ineffective or excessively burdensome. As required by Executive Order 13777, “Reducing Regulation and Controlling Regulatory Costs,” HUD said it is in the process of establishing a regulatory task force charged with identifying agency regulations that should be repealed, replaced or modified. As part of that review, the agency is inviting the public to weigh in on the adequacy and relevancy of its current regulatory framework. “HUD’s goal in conducting the review is to make the department’s regulations more effective and less burdensome in achieving HUD’s ...
The CFPB responded that “none of the identified opportunities for improvement ever resulted in any breach of confidential information outside the bureau.”
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