The Consumer Financial Protection Bureau may run into budget pressures as it transitions from its start-up and rulemaking period to supervision and enforcement, all while policymakers struggle with spending restraints and Congressional Republicans continue to sharpen their CFPB axes in light of the Noel Canning v. National Labor Relations Board ruling, according to an industry consultant. If the bureau does need more funding, it might find its influence unexpectedly limited. The D.C. Circuit Court of Appeals’ Jan. 25 decision in Canning raises...
Look for the Senate Banking, Housing and Urban Affairs Committee under a Democrat majority to focus over the next two years on assuring a smooth implementation of the Dodd-Frank Act, stabilizing the housing market and building a “bipartisan consensus” on housing finance reform, according to the committee’s chairman. “From protecting consumers and taxpayers from Wall Street abuses, to providing the Federal Housing Administration with additional tools to manage its finances while continuing to serve American families, I believe we can find common ground,” said Sen. Tim Johnson, D-SD, chairman. The committee will continue...
PowerLink Settlement, a service provider and appraisal management joint venture controlled by Fidelity National Financial and Homeward Residential, is shutting its doors.
Federal regulators are almost finished writing a new risk-retention rule including a definition for “qualified residential mortgages,” according to Federal Reserve Governor Daniel Tarullo. The agencies appear to be considering looser standards for QRMs than those initially proposed in 2011, perhaps using the same “qualified mortgage” definition as in the recently finalized ability-to-repay rule. Tarullo said federal regulators had completed most of the risk-retention rulewriting and were waiting for the Consumer Financial Protection Bureau to finalize QM and ability-to-repay requirements, which the CFPB completed in January. “It really was having...
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