Part of a recent executive order from President Trump that calls for potential changes to the qualified mortgage definition and its safe harbor could increase competition for certain types of loans, depending on how and if it progresses. Processing Content Changes that the broader mortgage credit order calls for include having the Consumer Financial Protection […]
How Trump’s EO could redraw QM’s safe harbor lines Read More »
Russell Vought, director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau.Bloomberg News Processing Content What’s at stake: The appeals court judges questioned whether various actions taken by the CFPB last year constituted a final agency action that is reviewable by a district court. Key insight: The
Can Trump fire nearly all CFPB staff? Appeals court isn’t sure Read More »
Al Drago/Bloomberg Processing Content Key Insight: The high-stakes case revolves around the actions of Russell Vought and President Trump’s publicly stated goal to eliminate the CFPB, challenging Congress’ authority to establish the agency. What’s at stake: The National Treasury Employees Union is fighting to maintain an injunction that has blocked the CFPB’s leadership from laying
CFPB shutdown battle reaches crucial D.C. Circuit hearing Read More »
Groups of mortgage regulators, state supervisors and attorneys general called for the Office of the Comptroller of the Currency to end proposals that could allow more national preemption of interest-on-escrow rules, citing consumer harm, legal concerns and an uneven playing field. Processing Content The proposals would benefit national institutions but at homeowners’ expense, and interfere
States, mortgage regulators call for end to OCC escrow moves Read More »
Allowing President Donald Trump to remove independent agency members undermines the legal basis for the independence of the Federal Reserve, lawyers for the Federal Trade Commission’s sole remaining Democrat told the US Supreme Court Monday. Attorneys for FTC Commissioner Rebecca Kelly Slaughter made that argument in a filing that seeks to allow her to remain in her
Fate of Fed intertwined with FTC Democrat, Supreme Court told Read More »
A securitization trustee is petitioning the Supreme Court to hear New York’s Foreclosure Abuse Prevention Act, but the wheels of justice turn slowly, in the interim the law raises concerns for various industry stakeholders. “They haven’t decided whether to review it or not, but that will be conferenced by the justices of the Supreme Court,”
FAPA disrupts market as petition pends before Supreme Court Read More »
Cypress Loan Servicing received an assurance of discontinuance from Massachusetts Superior Court in Suffolk County after agreeing to pay $2 million to settle legacy allegations. The payment by the company, which previously operated as Rushmore Loan Management Services, will go toward a state penalty and borrower restitution. The court agreement calls for business practice change
Cypress Loan Servicing settles with Mass. AG for $2 million Read More »
Chris Kleponis/Bloomberg WASHINGTON — President Donald Trump signed an executive order meant to combat so-called debanking in the financial system. The order tells bank regulators to ensure that banks aren’t cutting off consumer access to accounts for political reasons. It also tells the regulators to remove reputational risk from their supervision handbooks, a step that
Trump signs debanking executive order Read More »
Private flood insurance use rose notably in recent years as utilization of federal coverage inched down due to adjustments to public programs that have included more latitude in the mortgage sector. Over the last four years, private coverage grew 20% while public policies the National Flood Insurance Program offers receded by 2%, according to a
Private flood insurance growing as federal coverage recedes Read More »