By comparison, commercial banks must have tier 1 capital of 8.0 percent of risk-weighted assets.

JMP likes the higher profit margins that accompany non-QM lending…

Going forward, the CFPB plans to consider the scale and frequency of violations when determining future enforcement actions, Acting Director Mick Mulvaney said. In remarks at a public policy luncheon hosted by Women in Housing and Finance, a professional group, Mulvaney said the consumer agency will decide whether the violations are systematic or intentional when determining potential actions against companies under its jurisdiction. For example, 12,000 violations ...

Mick Mulvaney has made many significant changes at the CFPB since President Trump named him acting director of the agency in November. Attorneys said the organizational changes may have the most profound impact. Mulvaney was not a fan of the consumer bureau, which he called a joke “in a sick, sad way.” Six months into his interim tenure, he was doing everything he could to change the consumer agency both structurally and operationally, in how it makes ...

The AAF warns against the GSEs becoming private entities again, noting there’s no way for them to raise enough capital…

The banks that report rates that form the basis of LIBOR won’t be required to participate in the survey after 2021…

Consultant Joe Garrett: "Salesmen don’t get paid less just because the company didn’t do well..."

The CFPB fired all the members serving on three of its advisory boards, including the Consumer Advisory Board, indicating a shift in its approach to external engagement. The consumer agency announced last week that it plans to reconstitute three of its advisory groups – the Consumer Advisory Board, the Community Bank Advisory Council, and the Credit Union Advisory Council – with “new, smaller memberships.” “By both right-sizing its advisory ...

Acting Director Mick Mulvaney last week abruptly cancelled in-person meetings with the advisory groups, sparking concerns that he is shunning input from outside groups. Shortly afterwards, he disbanded three groups and announced plans to start from scratch. Mulvaney canceled a Consumer Advisory Board meeting scheduled for June 6 and 7, and a previous meeting in February, which the board members said had been on the looks for months. A Credit Union ...

The CFPB last week dismissed its precedent-setting case against PHH Corp., officially overturning the bureau’s controversial interpretation of the Real Estate Settlement Procedures Act under former Director Richard Cordray. In the end, the four-year legal battle over alleged RESPA violations regarding captive reinsurance arrangements ended up with no fine or penalty being assessed on the mortgage lender. The final court ruling that upheld the constitutionality ...