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Volume 29 - Number 2

January 22, 2018

Mulvaney Asks for Zero Funding, Saying Current Funds are Adequate

In another historic move, CFPB Acting Director Mick Mulvaney late last week shocked defenders of the bureau under Richard Cordray by announcing he had submitted to the Federal Reserve the bureauís quarterly appropriations request for the second quarter of fiscal year 2018, requesting zero funds. In a letter to departing Fed chief Janet Yellen, Mulvaney spelled out his rationale. ďThe reason for this is straightforward: I am informed that the projected second quarter expenses for the bureau are approximately $145 million. ďDuring my review of the financial condition of the bureau, I learned that, as of the beginning of the fiscal year 2018, the bureau had a balance [in its fund] at the Federal Reserve Bank of New York in ...

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Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.


Time for a change. Borrowers are different today.


Undecided, still assessing the situation.