The New York Times raised more than a few eyebrows last week when it reported that President Trump is considering having Mick Mulvaney step in as White House chief of staff in the wake of yet another high-level staff departure. Mulvaney currently has two major jobs – director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau. That unusual juggling act has generated some criticism from Democrats like Sen. Elizabeth Warren of Massachusetts ...
In addition to the formal request for information the CFPB issued on its enforcement processes, the agency also put out an RFI addressing its supervisory processes. “The bureau is seeking comments and information from interested parties to assist in assessing the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate,” the agency said. “This RFI will provide an opportunity for the public to submit feedback and suggest ...
Senior citizens filed significantly fewer complaints about their mortgage experiences in 2017, according to a new Inside the CFPB analysis of data compiled by the bureau. Seniors filed 2,966 mortgage complaints last year, down 44.6 percent from the 5,357 reported in 2016. Non-senior borrowers also submitted fewer mortgage complaints in 2017, but the decline was only 24.8 percent from the previous year. Most complaints from seniors over the past two years ... [Includes one data chart]
The Community Home Lenders Association and the Community Mortgage Lenders of America sent a joint letter to CFPB Acting Director Mick Mulvaney, asking for regulatory streamlining of smaller independent mortgage bankers (IMBs) through risk-based supervision, citing the requirements of the Dodd-Frank Act. Specifically, their correspondence referenced a statutory requirement, Dodd-Frank subsection 1024(b)(2), under which the bureau is required to tailor its supervision of non-banks ...
The ruling by the U.S. Court of Appeals for the District of Columbia Circuit that the CFPB wrongly interpreted the Real Estate Settlement Procedures Act will have a huge impact on the mortgage market and the regulatory landscape, industry attorneys said. In a closely-watched case involving PHH Mortgage and its captive mortgage reinsurance unit, the court upheld the notion that the plain language of RESPA permits a bona fide payment by one settlement service provider to another if ...
QM Portfolio Lending Legislation Would Cost CFPB $1 Million to Implement. Enacting H.R. 2226, the Portfolio Lending and Mortgage Access Act, introduced last April by Rep. Andy Barr, R-KY, would cost the CFPB $1 million, according to a new analysis by the Congressional Budget Office. “Using information from the CFPB, CBO estimates that enacting H.R. 2226 would increase direct spending by $1 million in 2019 for the agency to issue rules to implement ... [Includes four briefs]
GSE shareholders seeking to challenge the Federal Housing Finance Agency based on its single-director structure may now face an added challenge. The Federal Housing Finance Agency has asked the courts to review the decision of the DC Circuit in PHH Corp. v. Consumer Financial Protection Bureau as it relates to similar complaints against the agency. When a 2016 ruling found that the similarly structured Consumer Financial Protection Bureau is not constitutional, Fannie Mae and Freddie Mac shareholders filed lawsuits asking the courts to vacate the Treasury sweep of GSE profits altogether.
At $600K a Year, Fannie Mae CEO Tim Mayopoulos is Underpaid. Although Fannie Mae reported pre-tax income of $18.4 billion in 2017, its CEO Timothy Mayopoulos took home, once again, a base salary of roughly $600,000, the limit for both GSE CEOs and a figure that seems exceedingly low when compared to financial services firms of similar size. A new 10-K filing from the company notes: “Our chief executive officer’s compensation in 2017 was more than 90 percent below the market median for comparable firms. Our inability to offer market-based compensation hinders our succession planning for our chief executive officer role, and potentially our ability to hire...
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