The Trump administration has released a proposed fiscal year 2019 budget that envisions big changes for the CFPB. According to budget documents, the White House is proposing to restructure the bureau, limit its mandatory funding in 2019, and provide discretionary, congressional appropriations to fund the agency beginning in 2020. Many of the proposed changes would require revisions to the bureau’s charter by Congress that would likely face a difficult path to enactment ...
The CFPB under the leadership of Acting Director Mick Mulvaney last week issued its latest five-year plan that differs markedly from the previous one in that it takes a more industry-friendly posture than the last one that was issued back in 2013 under the Richard Cordray era. “If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further,” Mulvaney said. “By hewing to the statute ...
The House of Representatives has passed H.R. 1153, “The Mortgage Choice Act,” legislation that would make two adjustments to the Truth in Lending Act definition of points and fees regarding title fees charged by affiliates of the lender. The bill aims to make more loans eligible for qualified-mortgage status by excluding points and fees paid for affiliated title charges and escrow charges for insurance and taxes. House Financial Services Committee Chairman Jeb Hensarling, R-TX, explained ...
The House of Representatives last week voted 271-145 to approve targeted legislation to address the disclosure of certain charges in the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure, or TRID. H.R. 3978, the TRID Improvement Act of 2017, would require the CFPB to allow for the calculation of discounted title insurance rates that companies may offer to consumers for policies that cover both the lender and the homeowner. The bill was introduced ...
In another leg of CFPB Acting Director Mick Mulvaney’s “call for evidence,” the agency has issued a request for feedback on its enforcement processes. The agency “is seeking comments and information from interested parties to assist the bureau in assessing the overall efficiency and effectiveness of its processes related to the enforcement of federal consumer financial law, and, consistent with the law, considering whether any changes to these processes would be appropriate,” it said ...
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