A federal judge has ruled that the Consumer Financial Protection Bureau (CFPB) must continue getting its funding from the Federal Reserve, dealing a setback to Trump administration efforts to effectively shut down the agency. The ruling Friday by U.S. District Judge Edward Davila in San Jose blocks acting CFPB Director Russell Vought from using a […]
Judge rejects bid to cut CFPB funding Read More »
President Donald Trump on Friday announced two executive orders that aim to increase the U.S. housing supply and consumer access to mortgage credit. One of the orders directs various federal agencies — including the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) — to work together on reviewing
Trump executive orders target housing supply and mortgage credit Read More »
Fair housing and immigrant advocacy groups are urging a federal court in Texas to reject a proposed settlement between Colony Ridge Development LLC and federal agencies over alleged predatory lending practices. The groups say that key provisions of the agreement are “unlawful, unnecessary and unrelated to the underlying case.” Under the proposed terms, Colony Ridge
Colony Ridge settlement faces court challenge in Texas Read More »
A new report from the Council of Economic Advisers (CEA) estimates that the Consumer Financial Protection Bureau (CFPB) has imposed $237 billion to $369 billion in cumulative costs on U.S. consumers since its creation in 2011, largely through higher borrowing costs. For 2024 alone, the report estimates $24 billion to $38 billion in costs. The
CEA analysis weighs CFPB’s economic impact Read More »
Reverse mortgage borrowers whose loans were previously serviced by U.S. Department of Housing and Urban Development (HUD) subcontractor NOVAD Management Consulting LLC may receive reimbursement checks in the mail following a 2024 enforcement action brought by the Consumer Financial Protection Bureau (CFPB). The National Reverse Mortgage Lenders Association (NRMLA) notified its members on Friday morning in
Restitution checks possible for some reverse mortgage borrowers after CFPB action Read More »
The class-action lawsuit filed this week against Rocket Companies and its subsidiaries, which alleges violations of the Real Estate Settlement Procedures Act (RESPA), has drawn heightened attention from the mortgage industry as a wave of mergers and acquisitions accelerates the push toward vertically integrated business models. Legal experts have described the case as “unique,” saying
Rocket RESPA lawsuit is unique but faces early legal hurdles, attorneys say Read More »
A federal judge on Tuesday ruled against the Trump administration as it seeks to shut down the Consumer Financial Protection Bureau (CFPB) by refusing to fund it. The judge ordered the administration to continue to seek funding for the bureau, which was created by Congress but is funded through the Federal Reserve. The Trump administration
Federal judge orders Trump administration to seek money for CFPB Read More »
The Consumer Financial Protection Bureau (CFPB) is proposing changes to rules under the Equal Credit Opportunity Act (ECOA) to clarify lenders’ responsibilities on issues including disparate impact, discouragement of applicants and special purpose credit programs (SPCPs) that industry leaders say could hurt women’s ability to get a mortgage loan in their own name. The comment
CFPB’s ECOA proposal raises alarms over women’s ability to get a mortgage Read More »
The Trump administration has quietly dissolved U.S. DOGE Service — also known as the Department of Government Efficiency — according to multiple reports. “That doesn’t exist,” Office of Personnel Management (OPM) Director Scott Kupor told Reuters earlier this month when asked about DOGE’s status, adding that the department is no longer a “centralized entity.” In
DOGE may be dead, but its deregulatory housing agenda lives on Read More »
The Consumer Financial Protection Bureau (CFPB) on Wednesday issued a final rule to immediately rescind the nonbank registry rule and a proposal to create a registry of nonbank contract terms and conditions. The decision was applauded by mortgage trade groups. The nonbank registry rule was published in the Federal Register in July 2024 and set
CFPB drops nonbank registry rule, citing cost burden Read More »