Key Insight: Kevin Hassett, a top White House economist and possible successor to Jerome Powell as chair of the Federal Reserve, said political independence is critical to the Fed and the lack of independence drives inflation. What’s at stake: President Trump has embarked on a campaign to gain a voting majority on the Fed’s Board […]
Hassett backs Fed independence Read More »
As the trigger leads bill becomes a reality, lenders are considering whether its impact on the mortgage industry goes beyond simply cutting down consumer calls and texts. The restrictions regarding credit reports won’t go into effect until six months after Trump’s signature Friday. While the Homebuyers Privacy Protection Act should undercut the leads and messages
How a trigger leads crackdown could lift retention rates Read More »
Key insight: The Consumer Financial Protection Bureau released a jam-packed rulemaking agenda for the year ahead. Supporting data: The latest unified agenda lists 24 rulemakings including five final rules, 10 proposed rules, 9 pre-rules and one long-term item. What’s at stake: The bureau is in a legal battle to fire between 80% and 90% of
CFPB’s deregulatory agenda aims to rewrite Biden-era rules Read More »
Pres. Trump has signed into law H.R. 2808, the Homebuyer Privacy Protection Act, one month after the bill cleared the U.S. Senate by unanimous consent. The new law, which takes effect 180 days after enactment, has been welcomed by the mortgage industry for putting an end to the sale of trigger leads — consumer data
Pres. Trump signs mortgage trigger leads ban into law Read More »
Stephen Miran, chairman of the Council of Economic Advisers and nominee to serve on the Federal Reserve Board of Governors.Bloomberg News The news: Stephen Miran will take unpaid leave from the Council of Economic Advisers, rather than resigning So what?: Democrats spent the confirmation hearing attacking Miran’s conflict of interest and the decline in Fed
Trump Fed nominee won’t resign from White House Read More »
Bloomberg News Financial technology companies want lawmakers to preempt state privacy laws by amending the Gramm-Leach-Bliley Act, which prohibits the disclosure of information to any third party unless the consumer is provided notice and an opportunity to opt out. On Tuesday, the American Fintech Council sent a comment letter to the House Financial Services Committee
Fintechs want Congress to preempt state privacy laws Read More »
Graeme Sloan/Bloomberg Following its annual stress tests, the Federal Reserve on Friday set new capital requirements for the nation’s largest banks, setting the minimum equity they must hold to absorb losses in a downturn. Vice Chair for Supervision Michelle Bowman said the requirements come during a “period of transition” for the Fed’s stress testing system,
Fed sets this year’s capital requirements for large banks Read More »
One aspect of a law that takes effect in Connecticut on Oct. 1 was designed to improve the surety bond cancellation process by fully automating it, but making that possible will involve a procedural change that servicers who are also lenders in the state will need to understand. “The bill generally requires surety companies to
What lender-servicers should know about a new state process Read More »
Federal Reserve Gov. Lisa Cook.Bloomberg News President Donald Trump’s unprecedented move to fire Federal Reserve Gov. Lisa Cook Monday is likely to kick off a high-stakes legal battle over the exact contours of the central bank’s independence, and that battle will likely hinge on whether past actions can disqualify a board member from their current
Cook firing takes the Fed into the unknown Read More »
Bloomberg News WASHINGTON — The Consumer Financial Protection Bureau is proposing a new rule that would limit its ability to oversee nonbanks, according to a notice published quietly in the Federal Register Tuesday. The CFPB said it plans to adopt a new definition of “risks to consumers with regard to the offering or provision of
CFPB to further curb its ability to supervise nonbanks Read More »