Federal Agencies

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

March 19, 2018 - Inside the CFPB

Other News in Brief: Former Top CFPB Attorney

Promontory MortgagePath Snags Former Top CFPB Attorney to Head Compliance Department. Promontory MortgagePath on Tuesday named former federal regulator Colgate Selden chief compliance officer. Selden comes to the vendor from the Alston & Bird law firm, but before that was senior counsel in the office of regulations at the Consumer Financial Protection Bureau ... [Include one brief]

March 19, 2018 - Inside the CFPB

CFPB Solicits Feedback on Rulemaking and Adopted Regs

The CFPB issued two more requests for information – one on rulemaking processes, another covering adopted regulations and new rulemaking authorities – as a part of Acting Director Mick Mulvaney’s “call for evidence.” The bureau first solicited feedback on its rulemaking processes, including initial outreach and information gathering, notices of proposed rulemaking and final rules.For initial outreach and information gathering, the CFPB asked for comments on methods to gather ...

March 19, 2018 - Inside the CFPB

Mortgage Lenders Urge CFPB to Reform CID Process

The CFPB’s civil investigative demands seem to be particularly burdensome to small mortgage lenders, as painful experiences were shared via comments responding to the agency’s request for information. The bureau issued a RFI on CIDs in January, a vehicle for the agency to obtain information from people and institutions relevant to an investigation. One mortgage lender that has received one CID said its experience dealing with CIDs is “frustrating, unduly burdensome and particularly disruptive to its…

March 19, 2018 - Inside the CFPB

PHH Still Waiting to Hear from the CFPB on RESPA Case

PHH Corp., which is slated to be bought by Ocwen Financial, is waiting to see if it still has any legal liability from a Real Estate Settlement Procedures Act enforcement matter brought by the CFPB, according to a recent 10-K filing. In January 2018, the en banc court of the United States Court of Appeals for the District of Columbia Circuit reinstated an October 2016 panel decision as it related to RESPA issues, which included vacating the CFPB’s order imposing $109 million of disgorgement ...

March 19, 2018 - Inside the CFPB

Mortgage Bankers Provides Suggestions on CFPB Reform

The Mortgage Bankers Association recently met with CFPB Acting Director Mick Mulvaney to discuss CFPB reform priorities regarding the bureau’s requests for information. The MBA wrote to Mulvaney following the meeting to offer further thoughts to improve the agency’s operations. Mulvaney launched a “call for evidence” in January to review the bureau’s enforcement, supervision, rulemaking, and other activities, and has so far issued eight RFIs. MBA said it appreciated the agency’s effort to engage ...

March 19, 2018 - Inside the CFPB

Democrats Blast Acting CFPB Director Mick Mulvaney

Sen. Elizabeth Warren, D-MA, continues to be a pain to CFPB Acting Director Mick Mulvaney. She sent another letter to Mulvaney last week, demanding answers about his leadership of the bureau. Since Mulvaney took over the agency in November 2017, Warren and her colleagues have sent him nine letters including 125 questions and requests. In the most recent letter, Warren accused the acting director of failing to answer or inadequately answering 105 of those questions ...

March 19, 2018 - Inside the CFPB

Revised Bankruptcy Reporting Rules Issued for Servicers

The CFPB recently issued a final rule that the agency said would help mortgage servicers communicate with borrowers facing bankruptcy. The rule amended the timing requirements for servicers to provide periodic statements to consumers in bankruptcy. The rule will go into effect on April 19. At that point, servicers will be required to send monthly billing statements to consumers in active bankruptcy cases and certain cases in which the debtor’s personal liability was previously discharged. To give ...

March 19, 2018 - Inside the CFPB

Former CEO of Payday Lender Wants to Run the Agency

Former World Acceptance Corp. CEO Janet Lewis Matricciani said she wants to apply for the position of CFPB director in an email to Acting Director Mick Mulvaney. The email was sent on January 24, two days before Matricciani left the company, and she said she wants to run the agency because no one’s better able than her to “understand the need to treat consumers respectfully and honestly, and the equal need to offer credit to lower income consumers.” Just two days before ...

March 19, 2018 - Inside the CFPB

House Bill Would Overhaul CFPB Leadership Structure

A bill to replace the CFPB director with a bipartisan commission was introduced to the House of Representatives last week.The Financial Product Safety Commission Act of 2018, H.R. 5266, was introduced by Rep. Dennis Ross, R-FL, and its co-sponsors include two Democratic House members. The bill would change the CFPB’s name to the “Financial Product Safety Commission.” The proposal would create a five-member commission, whose members are appointed by the president ...

March 19, 2018 - Inside the CFPB

HMDA Changes Would Scale Back Reporting Burden for Small Banks

Proposed changes to the Home Mortgage Disclosure Act have become a key flashpoint of controversy in the advancing effort to reform the Dodd-Frank Act. The Senate last week passed legislation that would exempt depository institutions that have relatively small mortgage operations from new HMDA disclosure requirements – and some existing ones – that were mandated by the Consumer Financial Protection Bureau. The expanded HMDA reporting regime is taking effect for mortgage (include one data chart) ...

March 19, 2018 - Inside the CFPB

Senate Moves QM-Easing Reg Relief Bill to the House

The Senate voted 67-31 last week to pass the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, moving the deregulation debate to the House, which will look for more aggressive changes to roll back the Dodd-Frank Act. House Financial Services Committee Chairman Jeb Hensarling, R-TX, said the House would not pass the bill without additional provisions that would further relax regulations introduced after the 2008 financial crisis ...

March 9, 2018 - Inside FHA/VA Lending

HUD, FDIC Announce Auctions of Reverse Loans; HECM RMBS Rated

The Department of Housing and Urban Development and the Federal Deposit Insurance Corp. have announced offerings of multiple residential reverse mortgage pools for sale to investors. The HUD pools are comprised of approximately 650 reverse mortgage notes with a total loan balance of about $136 million. The sale consists of due and payable first-lien reverse mortgages secured by single-family, vacant residential properties where all borrowers are deceased and none is survived by a non-borrowing spouse. The reverse-mortgage sale is the third offering of its type. As with past offerings, the sale will be by competitive bidding on April 11, 2018. The loans will be sold without FHA insurance and with servicing released. The loans are expected to be offered in regional pools. Meanwhile, the FDIC will unload in open auction 3,280 FHA-insured reverse-mortgage loans from the ...

March 5, 2018 - Inside the CFPB

Other News in Brief: Equifax Probe, GOP Support for Mulvaney

The CFPB is continuing its investigation into what went wrong at Equifax regarding the massive data breach the credit bureau suffered last year, according to a new 10-K filing with the Securities and Exchange Commission. Last fall, Equifax said hackers stole personal data it had collected on some 143 million U.S. consumers. In the new filing, the company updated that estimate to almost 146 million Americans. The CFPB, of course, is not the only government body looking into the hack ... [Includes two briefs]

March 5, 2018 - Inside the CFPB

Bureau Solicits Input on Consumer Complaint Database, Reporting

In addition to the request for information the CFPB issued on its external engagement, the agency also asked for input on how it reports consumer complaint information.The agency is seeking comments from interested parties regarding “potential changes that can be implemented to the bureau’s public reporting practices of consumer complaint information, consistent with law, to consider whether any changes to the practices would be appropriate,” it said. Specifically, the CFPB is using this RFI to solicit feedback on ...

March 5, 2018 - Inside the CFPB

CFPB Seeks Feedback on External Engagements with Public

The CFPB issued its fifth request for information as a part of Acting Director Mick Mulvaney’s “call for evidence,” this one on external engagements. The bureau “seeks comments and information from interested parties to assist [it] in assessing its public and non-public external engagements,” it said. The CFPB asked for input on all aspects of conducting external engagements, including but not limited to field hearings, town halls, roundtables, and meetings of the Advisory Board and Councils to “maximize ...

March 5, 2018 - Inside the CFPB

Fannie Mae Keeping Tabs on the CFPB’s Ability-to-Repay Rule

Fannie Mae is keeping a close watch on any future changes to the CFPB’s ability-to-repay/qualified mortgage rule, saying whatever happens could have a “material effect on the quality and quantity of loans available for sale to us.” Roughly a year ago, the CFPB announced it would begin its statutorily-mandated assessment of the ATR and QM provisions. “The CFPB is required to assess the effectiveness of the regulations in light of its stated goals and to publish a report, after public comment, on whether ...

March 5, 2018 - Inside the CFPB

Senate Will Advance Bipartisan Reg Relief Bill This Week

Senate Majority Leader Mitch McConnell filed a motion last week to advance bipartisan legislation that would relieve banks, especially smaller ones, from a handful of CFPB regulations. The Economic Growth, Regulatory Relief, and Consumer Protection Act, or S. 2155, was passed by the Senate Banking, Housing and Urban Affairs Committee in December 2017. The vote on the motion to proceed will be on Tuesday, March 6. The act, introduced by Sen. Mike Crapo, R-ID, would roll back a number of ...

March 5, 2018 - Inside the CFPB

Mulvaney Says CFPB Will Depend Heavily on State Attorneys General

CFPB Acting Director Mick Mulvaney said the bureau will depend on state attorneys general for more leadership and more collaboration in enforcing consumer protection laws. “We are going to look into the state regulators and state attorneys general for a lot more leadership when it comes to enforcement,” Mulvaney said at the winter meeting of the National Association of Attorneys General. If a state attorney general is not bringing an action that the bureau is looking at, “I’m going to want to know why,” he said ...

March 5, 2018 - Inside the CFPB

CFPB Says Deleting Public Records Has Little Effect on Credit Scores

Removing civil public records has little effect on consumers’ credit scores, the CFPB found in the latest quarterly consumer credit trends report issued last week. The National Consumer Assistance Plan required the three nationwide credit reporting companies – Equifax, Experian, and TransUnion – to create minimum standards for personal information and reporting frequency for civil public records, including bankruptcies, civil judgement, and tax liens. The new standards were a product between the credit ...

March 5, 2018 - Inside the CFPB

Attorneys Expect Changes to CFPB Policy on ‘No-action Letters’

The CFPB needs to rethink its approach to financial innovators, and one of the most welcomed changes would be to reinvent the agency’s “no-action letters” policy, compliance attorneys said. The program was introduced in February 2016 as part of the bureau’s “Project Catalyst” to improve access to consumer financial products and services, and to reduce regulatory uncertainty for financial innovators. A no-action letter would indicate that bureau staff have reviewed a company’s application ...

March 5, 2018 - Inside the CFPB

Mortgage Securities Investors Have Mixed Feelings About CFPB

The CFPB’s impact on the mortgage-backed security market remained a touchy subject at the SFIG Vegas conference last week. MBS investors are encouraged that the bureau is more willing to listen to industry participants, but they have concerns about assignee liability and grim predictions about increased regulation by the states. For a time after the CFPB implemented the TILA-RESPA Integrated Disclosure rule, sales of non-agency mortgages were difficult to complete. TRID includes assignee liability ...

February 23, 2018 - Inside Nonconforming Markets

Growth Limits May Push Wells to Securitize

Plans at Wells Fargo to issue non-agency mortgage-backed securities in 2017 didn’t come to fruition. But growth limitations recently placed on the bank by the Federal Reserve have prompted speculation that Wells could issue non-agency MBS this year. This month, the Fed issued a cease and desist order that temporarily limits the firm’s maximum total consolidated assets to the level they were as of the end of 2017. The order was one of the last acts of former Fed Chair Janet Yellen, who ...

February 20, 2018 - Inside the CFPB

Other News in Brief: QM Bill, Mulvaney and Payday Lenders, Temporary Licenses for LOs, Pete Carroll Update

QM Portfolio Lending Legislation Would Cost CFPB $1 Million to Implement. Enacting H.R. 2226, the Portfolio Lending and Mortgage Access Act, introduced last April by Rep. Andy Barr, R-KY, would cost the CFPB $1 million, according to a new analysis by the Congressional Budget Office. “Using information from the CFPB, CBO estimates that enacting H.R. 2226 would increase direct spending by $1 million in 2019 for the agency to issue rules to implement ... [Includes four briefs]

February 20, 2018 - Inside the CFPB

Court Ruling Restores Legal Status Of Affiliated-Business Structures

The ruling by the U.S. Court of Appeals for the District of Columbia Circuit that the CFPB wrongly interpreted the Real Estate Settlement Procedures Act will have a huge impact on the mortgage market and the regulatory landscape, industry attorneys said. In a closely-watched case involving PHH Mortgage and its captive mortgage reinsurance unit, the court upheld the notion that the plain language of RESPA permits a bona fide payment by one settlement service provider to another if ...

February 20, 2018 - Inside the CFPB

Seniors Had Fewer Mortgage-Related Complaints in 2017

Senior citizens filed significantly fewer complaints about their mortgage experiences in 2017, according to a new Inside the CFPB analysis of data compiled by the bureau. Seniors filed 2,966 mortgage complaints last year, down 44.6 percent from the 5,357 reported in 2016. Non-senior borrowers also submitted fewer mortgage complaints in 2017, but the decline was only 24.8 percent from the previous year. Most complaints from seniors over the past two years ... [Includes one data chart]

February 20, 2018 - Inside the CFPB

Small Mortgage Lender Groups Ask Mulvaney to Streamline Regulation

The Community Home Lenders Association and the Community Mortgage Lenders of America sent a joint letter to CFPB Acting Director Mick Mulvaney, asking for regulatory streamlining of smaller independent mortgage bankers (IMBs) through risk-based supervision, citing the requirements of the Dodd-Frank Act. Specifically, their correspondence referenced a statutory requirement, Dodd-Frank subsection 1024(b)(2), under which the bureau is required to tailor its supervision of non-banks ...

February 20, 2018 - Inside the CFPB

CFPB Solicits Feedback On Supervision Processes

In addition to the formal request for information the CFPB issued on its enforcement processes, the agency also put out an RFI addressing its supervisory processes. “The bureau is seeking comments and information from interested parties to assist in assessing the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate,” the agency said. “This RFI will provide an opportunity for the public to submit feedback and suggest ...

February 20, 2018 - Inside the CFPB

Bureau Requests Public Input On Enforcement Processes

In another leg of CFPB Acting Director Mick Mulvaney’s “call for evidence,” the agency has issued a request for feedback on its enforcement processes. The agency “is seeking comments and information from interested parties to assist the bureau in assessing the overall efficiency and effectiveness of its processes related to the enforcement of federal consumer financial law, and, consistent with the law, considering whether any changes to these processes would be appropriate,” it said ...

February 20, 2018 - Inside the CFPB

Will CFPB Acting Director Mick Mulvaney Take White House Post?

The New York Times raised more than a few eyebrows last week when it reported that President Trump is considering having Mick Mulvaney step in as White House chief of staff in the wake of yet another high-level staff departure. Mulvaney currently has two major jobs – director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau. That unusual juggling act has generated some criticism from Democrats like Sen. Elizabeth Warren of Massachusetts ...

February 20, 2018 - Inside the CFPB

Bureau Issues More Industry-Friendly Five-Year Strategic Plan

The CFPB under the leadership of Acting Director Mick Mulvaney last week issued its latest five-year plan that differs markedly from the previous one in that it takes a more industry-friendly posture than the last one that was issued back in 2013 under the Richard Cordray era. “If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further,” Mulvaney said. “By hewing to the statute ...

February 20, 2018 - Inside the CFPB

Trump Budget Plan Envisions Major Restructuring of Consumer Bureau

The Trump administration has released a proposed fiscal year 2019 budget that envisions big changes for the CFPB. According to budget documents, the White House is proposing to restructure the bureau, limit its mandatory funding in 2019, and provide discretionary, congressional appropriations to fund the agency beginning in 2020. Many of the proposed changes would require revisions to the bureau’s charter by Congress that would likely face a difficult path to enactment ...

February 15, 2018 - Inside Mortgage Finance

House Provides More Limited Relief from CFPB Mortgage Rules. Will Senate Follow Through?

The House of Representatives this week approved bills extending regulatory relief pertaining to the integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act, or TRID.


What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.
I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.
Not bad, but he needs to take his time making additional changes.
We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

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