During a congressional oversight hearing, House Financial Services Committee members grilled CFPB Director Kathy Kraninger on the bureau’s interpretation of the abusiveness standard, plans to reform the qualified-mortgage rule and the controversial RESPA bulletin.
CFPB-Education Department MOU; CFPB’s associate director for research, markets and regulation resigns; Puerto Rico reporting requirements; debt collection event.
More than a dozen briefs have been filed before the Supreme Court defending the CFPB’s constitutionality. State attorneys general told the high court that killing the bureau would harm states’ consumer protection authority.
After Pennsylvania, New Jersey and New York, the Golden State will be the fourth state to establish a state-level agency to boost consumer financial protection.
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.
New York imposes additional requirements for lenders offering reverse mortgages under the HECM program, while a new California law will impact how firms collect and maintain consumer information.
Temporary operating authority for loan officers moving from one state to another is now the law of the land. However, origination firms need to pay attention to potential compliance risks, investor appetite, and state-specific requirements.
The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.
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