The Trump-era CFPB maintained that self-reporting is responsible business conduct. But is it a prudent move? Attorneys weigh in.

Not only did it cause a loss of expertise, but it also led to a drop in enforcement actions by the consumer watchdog.

The Hartford, CT-based firm is accused of using unlicensed employees to engage in mortgage origination activities in violation of the Truth in Lending Act. The bureau is seeking injunctions against the defendants, as well as damages, redress and penalties.

One of the biggest issues mortgage lenders will face is implementing changes to the general qualified-mortgage rule, which has a mandatory compliance date of July 2021.

Citing existing mortgage regulations at the federal level, the Urban Institute said it might be most appropriate for the FHFA or the Federal Reserve to regulate nonbank mortgage servicers.

The CFPB grants compliance assistance sandbox to two companies; QM rules to take effect March 1.

Names of possible successors to Kathy Kraninger include two from Sen. Elizabeth Warren’s inner circle: Rep. Katie Porter and FTC Commissioner Rohit Chopra.

However, it’s not clear whether the motivations are to disempower enforcement or rationalize the integration of enforcement and supervision. Industry watchers weigh in.

The latest supervisory report from the CFPB found that some servicers violated Regulation X by including a lump-sum repayment option in escrow account statements when mortgagors had a shortage.

The CFPB issues no-action letter to Bank of America; lawsuit against Driver Loan; SMART Payment Plan settles with the CFPB; New York Department of Financial Services outlined expectations for financial institutions to man-age climate change risks.