Most briefs filed in the Seila Law v. CFPB case before the Supreme Court argue that the “for-cause” removal protection is not severable, and the court should invalidate the CFPB in its entirety or send the statute back to Congress.
The CFPB released two guides on how to disclose construction-to-permanent loans under the integrated mortgage disclosure rules. The guides may spur new questions from the industry, attorneys noted.
Investors in mortgage servicing rights must obtain a license in New Jersey; the Mortgage Bankers Association has urged Georgia to repropose certain portions of its proposal implementing temporary authority for LOs; New York enacts “zombie” property remediation law.
The FDIC and OCC proposed Community Reinvestment Act reforms that will prevent banks from receiving credit for making mortgages to higher-income borrowers living in low-income areas.
In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation.
Draft amendments to the CFPB’s remittance transfer rule; former CFPB Director Richard Cordray’s new book; PayPal sues CFPB; concerns raised over compliance with HMDA reporting requirements; CFPB initiated 133 “supervisory events” in fiscal 2019.
Some mortgage servicers do not have sufficient guidance in place to respond to credit reporting disputes and other accuracy issues, according to a special edition of a supervisory highlights report.
The CFPB plans to assess the costs and benefits of the integrated mortgage disclosure rule, inviting stakeholders and the public at-large to comment. Assessment results will be released by October 2020.
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