Mick Mulvaney, the acting director of the CFPB, said the priority of his interim tenure at the consumer agency, which will end June 22, is to make the bureau a “gold-standard regulator.” Gold-standard regulators, by his definition, are beyond the realm of partisan bickering, and are not affected by political transitions. The best examples are the Federal Reserve, the Securities and Exchange Commission and the Federal Deposit Insurance Corp., he said. …

The CFPB’s request for information on enforcement has drawn a lot of attention from industry groups, consumer advocates and individuals. Acting CFPB Director Mick Mulvaney said the agency will end regulation by enforcement and stop pushing the envelope in its interpretation of the law. Trade groups have offered up numerous nitty-gritty suggestions on improving its enforcement practices. The agency “has made no secret about the fact that, over the ...

Banking groups had plenty of suggestions in response to the CFPB’s request for feedback on its supervisory activities, starting with better communication and coordination. The CFPB supervises banks with more than $10 billion in assets and nonbanks that offer consumer financial products or services. Trade groups railed against the agency’s so-called regulation by enforcement, and instead urged the bureau to provide more guidance. “To date, the bureau’s ...

The CFPB is Not Backing Off Aggressive UDAAP Claims. The CFPB recently filed a brief in a case against Think Finance that was brought by former director Richard Cordray. The CFPB sued the company for collecting on debts that consumers didn’t legally owe. The brief supported the agency’s original claims. [Include one brief] ...

A key Treasury Department official said regulatory reform could help rejuvenate the non-agency MBS market but offered little guidance on the future prospects for Fannie Mae and Freddie Mac.

GSE shareholder litigation activity continues into mid-year with two new cases being filed in the past week. Joshua Angel, a corporate restructuring lawyer and owner of junior preferred stock, filed a lawsuit this week to sue Fannie Mae, Freddie Mac and their respective board of director members who were serving on Aug. 17, 2012, when the Treasury sweep was formalized. Angel seeks to recover damages from the defendants for his pro-rated share of the $10 billion dividend entitlement loss he and other junior preferred shareholders have incurred to date.

Treasury Official Sees Major Impact from Single Security. A key Treasury Department official suggested that issuers of non-agency MBS may someday participate in the common securitization platform being developed by Fannie Mae and Freddie Mac. Craig Phillips, counselor to the Treasury, said the industry has made a lot of progress toward the launch of the single security that is scheduled for June 2019. “Industry preparedness is about an eight or nine on a scale of 10,” he said during remarks at this week's secondary market conference sponsored by the Mortgage Bankers Association in New York. Phillips characterized the...

While numerous concerns have been raised about how capital requirements impact bank holdings of mortgage servicing rights, few banks are selling MSRs because of capital requirements or regulatory issues, according to an American Bankers Association survey. In 2017, 5.0 percent of banks sold MSRs due to regulatory requirements or capital treatment, up from a 2.0 percent share in 2016. And 12.0 percent of banks said they’re contemplating selling MSRs due to new regulatory ...

The House this week approved the Senate’s regulatory relief legislation, sending the package of targeted changes to the Dodd-Frank Act to the White House. With help from 33 Democrats, the measure cleared the House, 258-159, on Tuesday.

House Republicans, who previously said the Senate bill didn’t go far enough, said they will have a separate reg relief package to be considered by the Senate.