Key Insight: Washington Federal Bank and Planet Home Lending are only the latest in a long list of businesses against which the CFPB has terminated its consent orders. Supporting Data: Since Donald Trump returned to the White House, the CFPB has dropped dozens of enforcement actions and initiated only two. Expert quote: “It’s clear that […]
CFPB drops enforcement actions against two more lenders Read More »
Key Insight: The CFPB still exists and mass layoffs have not yet occurred but the Trump administration has dropped enforcement actions and eliminated rules, nullifying the agency’s broad reach. Expert Quote: “The last eight months or so have been unlike any others with just a completely different tenor, completely different levels of activity and a
How the Trump administration has neutralized the CFPB Read More »
Russ Vought, acting director of the Consumer Financial Protection Bureau, is also the director of the Office of Management and Budget.Al Drago/Bloomberg In a major win for the Trump administration, a federal appeals court on Friday ruled against the Consumer Financial Protection Bureau’s union, allowing the bureau’s acting Director Russel Vought to fire up to
DC Circuit panel lets Trump administration fire CFPB staff Read More »
Al Drago/Bloomberg The Consumer Financial Protection Bureau is proposing reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers. The move aligns with the bureau’s new priorities of reducing regulations, slashing staff and cutting funding. Acting CFPB Director Russell Vought on Friday
CFPB proposes a rule change to cut nonbank supervision Read More »
Employees at the Consumer Financial Protection Bureau are bracing for mass layoffs now that Congress has slashed the agency’s budget in half and the Supreme Court gave the Trump administration the go-ahead to gut federal agencies. Acting CFPB Director Russell Vought is expected to issue a reduction in force, or RIF, immediately after an appellate
Budget bill, SCOTUS give ‘clear path’ to CFPB firings Read More »
Representative French Hill, a Republican from Arkansas and vice chair of the House Financial Services Committee, speaks during a hearing in Washington, D.C.Al Drago/Bloomberg WASHINGTON — House Republicans began their attempt to roll back significant parts of the Dodd-Frank Act, targeting not just the Consumer Financial Protection Bureau but a laundry list of bank regulation
Republicans gear up for Dodd-Frank rollback Read More »
With the Consumer Financial Protection Bureau scaling back enforcement under the Trump administration, states are emerging as the new frontline in mortgage oversight but the shift is more incremental than dramatic, experts say. As the Consumer Financial Protection Bureau remains in stasis, some mortgage professionals fear a new era of fragmented compliance — “50 state
States lay groundwork for post-CFPB oversight Read More »
As anticipation builds around potential changes to the LO comp rule, some industry stakeholders have started to chime in with their visions of what form the regulation should take. The Community Home Lenders of America, specifically, is the first to publish a blueprint of what changes should be implemented to the Loan Originator Compensation Requirements.
CHLA floats rewrite of LO comp rule Read More »
The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank’s alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early. The bank “fulfilled the obligations” of the agreement signed
Bank of America exits CFPB monitoring three years early Read More »
ICE Mortgage Technology has launched its own publicly available weekly average prime offer rate [APOR] index, the company announced Tuesday. The APOR index is the underlying interest rate source used to determine what qualifies as a higher-priced mortgage loan under federal regulations. For more than a decade, the Consumer Financial Protection Bureau has published the
ICE Mortgage Technology launches its own APOR index Read More »