Federal Agencies

Browse articles from all of our Newsletters related to Federal Agencies.

March 15, 2019 - Inside Nonconforming Markets

News Briefs

Kraninger won't make sudden moves with GSE patch; Freddie Mac launches AUS self-employment assessment tool; more.

March 14, 2019 - Inside Mortgage Finance

CFPB Promises to Resolve GSE ‘Patch’ Responsibly

At a hearing on Capitol Hill Tuesday, Kathy Kraninger, director of the Consumer Financial Protection Bureau, assured lawmakers that she will not disrupt the mortgage industry by abruptly terminating the so-called GSE patch.

March 11, 2019 - Inside the CFPB

Other News in Brief

CFPB to Hold Spring 2019 Advisory Committee Meetings; FTC Sends Annual Report to CFPB With ECOA Activities; Consumer Groups Seek CFPB Records on Eric Blankenstein; CFPB Warns of Widespread Elder Financial Abuse; CFPB Announces System for Prepaid Issuers to Submit Account Agreements.

March 11, 2019 - Inside the CFPB

Kraninger’s First Lawsuit on CID, What Does it Mean?

The CFPB last month filed its first lawsuit under the leadership of Kathy Kraninger. Interestingly, the lawsuit seeks to enforce a 2017 civil investigative demand that was issued under former Director Richard Cordray. Industry stakeholders read it as a possible harbinger of a shift in the bureau’s enforcement actions from those of Kraninger’s predecessor Mick Mulvaney. …

March 11, 2019 - Inside the CFPB

Lender Diversity, Inclusion Activities on CFPB’s Radar

The CFPB is calling upon financial institutions to submit a self-assessment of their diversity and inclusion activities, according to the law firm Ballard Spahr. “We recently learnt that several clients have received letters from the CFPB’s Office of Minority and Women Inclusion indicating that the bureau will be inviting them to submit a self-assessment of their diversity and inclusion policies and practices and requesting contact information for the individuals leading their D&I efforts,” attorney Dee Spagnuolo…

March 11, 2019 - Inside the CFPB

Maxine Waters Asks CFPB Staff to ‘Expose’ Bad Bosses

In a letter to CFPB staff recently, Rep. Maxine Waters, D-CA, chairwoman of the House Financial Services Committee, urged employees to blow the whistle on agency leaders.

March 11, 2019 - Inside the CFPB

Servicemembers Prefer VA Mortgages, Says CFPB

More first-time homebuyers in the military are using mortgages guaranteed by the Department of Veterans Affairs, a recent CFPB report shows.

March 11, 2019 - Inside the CFPB

CFPB Seeks Insight into PACE Financing

The CFPB has sought insight and opinion from market participants on origination and underwriting processes for Property Assessed Clean Energy financing as it prepares to under-take rulemaking.

March 11, 2019 - Inside the CFPB

Tiered Supervision of IMBs Advocated by Trade Groups

The CFPB should open up a policy discussion about a tiered supervision structure of smaller independent mortgage banks, according to industry trade groups.

March 11, 2019 - Inside the CFPB

Partisan Debates on CFPB Power, Clashes at Hearing

Republicans on the House Financial Services Committee in a hearing last week rebutted a proposed bill undoing changes made by former CFPB acting Director Mick Mulvaney.

March 11, 2019 - Inside the CFPB

Kraninger to Focus on Prevention of Harm

Kathy Kraninger, now into her fourth month as CFPB director, seems to have adopted an industry-friendly approach at the agency, but she’s being less dramatic than her predecessor Mick Mulvaney.

March 7, 2019 - Inside Mortgage Finance

More FTHB Servicemembers Using VA Loans

A new report from the Consumer Financial Protection Bureau shows a dramatic shift by servicemembers who are first-time homebuyers from conventional to government-backed loans, particularly VA loans, during and after the financial crisis.

February 28, 2019 - Inside Mortgage Finance

Mortgage Grapevine

Violation of borrowing pacts; a new strategy for TIAA...

February 25, 2019 - Inside the CFPB

Other News in Brief

CFPB Releases Small Entity Compliance Guide for Payday Rule; CFPB Updates List of Rural and Under-served Counties; CFPB Seeks Assistant Director for the Office of Regulations.

February 25, 2019 - Inside the CFPB

CFPB Plans to Fine Equifax For 2017 Data Breach

The CFPB intends to bring an enforcement action against Equifax over the massive data breach in 2017 that exposed personal information of more than 140 million people, according to a new filing with the Securities and Exchange Commission.

February 25, 2019 - Inside the CFPB

CFPB, Florida Ask Court to Merge Their Ocwen Suits

The CFPB and Florida regulators last week asked a federal court to merge their lawsuits against mortgage servicer Ocwen Financial Corp. in order to avoid the risk of future jury inconsistency and to reduce their respective burden.

February 25, 2019 - Inside the CFPB

Otting Supports Payday Proposal; Dems Say No

The payday lending rule proposal released early this month has sparked different reactions from CFPB watchers.

February 25, 2019 - Inside the CFPB

Should the Industry Expect More Written Guidance?

In a rather unusual move, the CFPB earlier this month released written guidance to clarify certain aspects of the integrated mortgage dis-closure rule. This left many industry watchers looking at clues as to whether it signals a change in the agency’s attitude towards written guidance.

February 25, 2019 - Inside the CFPB

CFPB Plans Supervisory and Enforcement Budget Cuts

The CFPB plans to save $20 million in spending in fiscal 2019, with major budget cuts in its supervision, enforcement and fair lending division.

February 25, 2019 - Inside the CFPB

Bill Introduced to Repeal HMDA Partial Exemption

Democratic lawmakers recently introduced a bill to both chambers of Congress to repeal the partial exemption granted last year to smaller institutions from certain mortgage reporting requirements.

February 25, 2019 - Inside the CFPB

Fair Lending Activity More Supervision Oriented Now

The CFPB appears to have shifted away from addressing lending discrimination via enforcement actions, according to the bureau’s first semi-annual report to Congress under Director Kathy Kraninger. The report covers bureau activities from April 1, 2018, to Sept. 30, 2018.

February 25, 2019 - Inside the CFPB

CFPB Expected to Rollback 2015 HMDA Rule

In yet another effort for deregulation following the controversial payday lending rule proposal, the CFPB is likely to propose changes to the mortgage disclosure rule, according to industry observers.

February 25, 2019 - Inside the CFPB

Industry Sees Benefits From CFPB Sandbox

The mortgage industry would likely benefit from the CFPB’s proposed new policy on its no-action letter and sandbox program, said industry experts.

February 25, 2019 - Inside the CFPB

Dem State AGs Oppose CFPB Fintech Sandbox

Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”

February 21, 2019 - Inside Mortgage Finance

State Regulators Oppose CFPB Sandbox Proposal

State regulators went on the offense last week, contending week contended that the Consumer Financial Protection Bureau lacks authority to create a regulatory fintech sandbox.

February 11, 2019 - Inside the CFPB

Other News in Brief

CFPB Updates Reference Chart for 2019 HMDA Data Collection; CFPB Sued for Withholding Records on its Decision to Stop Military Lending Act Supervision; CFPB Clarifies Participation in ‘Disclosure Sandbox.’

February 11, 2019 - Inside the CFPB

CFPB Seeks Comments on Credit Card Market

The CFPB is soliciting input from stakeholders regarding their experiences in the credit card market and on the overall health of the sector.

February 11, 2019 - Inside the CFPB

CFPB Targets Payday Lenders; Waters’ Inquiry

The CFPB has entered into a settlement with a group of offshore payday lenders who allegedly engaged in deceptive and unfair marketing and billing activities.

February 11, 2019 - Inside the CFPB

States to Focus on Tackling Redlining, UDAAP Issues

State authorities will focus their enforcement actions this year on tackling redlining and unfair, deceptive and abusive acts or practices in order to fill the enforcement gap created at the federal level, industry attorneys predicted.

February 11, 2019 - Inside the CFPB

CFPB Urged to Oppose Higher Appraisal Threshold

Consumer groups have called on the CFPB to oppose a regulatory proposal which will significantly expand the number of non-agency mortgages that will not need a full appraisal.

February 11, 2019 - Inside the CFPB

IG Critical of CFPB’s Supervision Process

The Office of Inspector General has found that the CFPB did a poor job of ensuring that lenders who violate federal laws address the problems.

February 11, 2019 - Inside the CFPB

Mortgage Servicing Most Complained About Category

Mortgage complaints filed with the CFPB declined over the past two years, and the most-criticized category was mortgage servicing, according to a new snapshot. [Includes one data chart.]

February 11, 2019 - Inside the CFPB

TRID Informal Guidance Addresses Waiting Period

The CFPB recently provided informal guidance in the form of frequently asked questions, addressing issues related to the integrated mortgage disclosure rule.

February 11, 2019 - Inside the CFPB

Credit Bureau Legislative Reform Gains Traction

Congressional lawmakers are placing credit bureau reform in the spotlight with a hearing scheduled before the House Financial Services Committee this month.

February 11, 2019 - Inside the CFPB

Payday Proposal Gets Rid of Underwriting Requirement

The CFPB may scrap the underwriting requirements of its 2017 payday lending rule, according to a proposal released last week. In the meantime, the rule’s compliance date has been pushed back to Nov. 19, 2020, from Aug. 19, 2019.

February 8, 2019 - Inside The GSEs

Will the Fed Continue Run Off of Agency MBS?

After a year and a half of following its carefully scripted plan to normalize its balance sheet and return to good, old-fashioned monetary policy, the Federal Reserve muddied the waters at last week’s meeting of the Federal Open Markets Committee.


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