One year after the passage of the Dodd-Frank reform act, community banks say they have been benefiting from regulatory relief, but further implementation of some provisions is still needed.
Residential servicer BSI Financial Services agreed to pay roughly $230,000 for mishandling mortgage servicing transfers. It marks the first mortgage-related enforcement action under Director Kathy Kraninger.
A number of states, including Illinois and New Hampshire, last month amended their licensing rules to address certain challenges faced by mortgage lenders.
The bureau has turned its attention toward steps needed to address the “GSE patch” along with other changes to its rulemaking activity. But it has not indicated the approach it is considering.
The Government Accountability Office recommended that the CFPB clarify which financial institutions can offer rehabilitation programs to private student loan borrowers. But the bureau decided otherwise.
Discussions over the expiring “QM patch” heated up recently with the American Enterprise Institute accusing the Urban Institute of “bad economics” on its solution to the problem.
The mortgage-related provisions in the proposed debt-collection rule mark the latest efforts by the bureau to bridge the difference between the debt collec-tion law and mortgage servicing rules.
The House of Representatives passed a bill introduced by Maxine Waters, D-CA, to reverse former CFPB acting Director Mick Mulvaney’s efforts to rein in the bureau. But the bill is likely to go nowhere in the Republican-controlled Senate.
The Ninth Circuit Court has ruled that the CFPB’s structure is constitutional, noting there is no need to re-plow the same ground as the D.C. Circuit has already thoroughly discussed it.
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