The court-appointed CFPB defender said the petition challenging the bureau’s structure is “remarkably weak.” According to him, there is no basis “to take the grave step of invalidating an act of Congress.”
A Fed governor introduced the metric-based approach to reform the Community Reinvestment Act, which would assess mortgage lending to both low- and moderate-income borrowers and LMI communities.
Mortgage industry groups have urged the Supreme Court to choose a narrow remedy approach if the CFPB’s leadership structure is found unconstitutional, in order to prevent market disruption.
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.
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