The Consumer Financial Protection Bureau proposed new policies this week regarding no-action letters and the establishment of a “product sandbox.” The proposal aims to help financial services companies develop innovative products. Lauren Saunders, associate director of the National Consumer Law Center, was highly critical of the proposal, claiming that it could “wipe out consumer protection laws for entire industries.” She said the proposal is certain to ... [Includes four briefs]
The White House this week finally made up its mind on a new regulator for the government-sponsored enterprises, picking conservative economist Mark Calabria to head the Federal Housing Finance Agency. Now comes the hard part: Getting the Senate to hold confirmation hearings and actually approve him.
The FHFA’s annual report underscores the amount of cross-subsidy in g-fee pricing for low-score borrowers, loans with high LTVs and cash-out refinancing.
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