“We are committed both to preventing conflicts of interest in our work and to preserving the independence of our staff,” said David Uejio, acting associate director of the CFPB’s supervision
division.
Questions posed by Supreme Court justices during oral arguments suggest the court could rule in favor of banks seeking preemption from state laws requiring interest payments on mortgage escrow accounts.
CFPB officials directed critical questions at Appraisal Foundation President David Bunton during a recent hearing by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee.
David Bunton, who has been serving as president of the Appraisal Foundation for more than 33 years, was recently thoroughly questioned by CFPB Director Rohit Chopra regarding transparency, conflict of interest and selection of his successor. Bunton is set to retire this year.
The American Bankers Association in a series of letters to the CFPB and other federal regulators raised concerns over “characterizing as guidance what is in practice a legislative rule” that is required to go through a formal notice-and-comment rulemaking.
Richard Horn, a partner at the law firm of Garris Horn, said a huge barrier to participating in this program is whether software exists to populate forms in the manner described in the template.
The statement on principles relates to the examination of lenders’ residential property appraisal and evaluation practices. Federal regulators believe it will help lenders mitigate risks due to potential discrimination or bias in appraisal practices and to promote credible valuations.
The update, the first in nine years, broadens the pool of CFPB officials eligible to evaluate appeals, the options for resolving appeals and the matters subject to appeals.