Rachel Witkowski

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The affordable housing market has dried up in major cities across the country. In response, regulators and lenders are looking into new programs to get people back into single-family homes while also exploring ways to encourage multifamily developments.
While most federal banking regulators use enforcement actions as a way to shape industry practices, the Consumer Financial Protection Bureau is taking that to a whole other level, frequently using orders as a substitute for new rules or guidelines.
Overlapping missions and jurisdictions are fueling competition between the Consumer Financial Protection Bureau and the Federal Trade Commission, according to former officials at both agencies.
The Dodd-Frank Act is a burden on community banks and credit unions but regulators are struggling to quantify the costs, according to a report released Wednesday by the Government Accountability Office.
"The allegations of discrimination and predatory practices raised by the reporting are obviously very concerning to the bureau," a CFPB official said Tuesday.
In one instance, a single complaint in the Consumer Financial Protection Bureau's database was counted as 35 different ones while in another, a complaint against a payday lender was filed against an unrelated bank. Current and former officials say that's par for the course, leading to inflated complaint numbers and inaccurate data.
Though the deadline for compliance is more than two years away, lenders are already warning that they do not have enough time to comply with a new rule that requires institutions to report additional data to regulators on home loans.
The Consumer Financial Protection Bureau backed off some of its initial plans in its final rule requiring lenders to collect more data from mortgage borrowers, but industry representatives warned the agency had not gone far enough.
The Consumer Financial Protection Bureau finalized a rule Thursday that requires lenders to collect more information from borrowers as part of mortgage disclosures.
The Consumer Financial Protection Bureau's method for detecting disparate impact discrimination can overestimate potential bias, resulting in higher payments for lenders cited by the agency, according to internal CFPB documents.
The Consumer Financial Protection Bureau has ramped up its push for the mortgage industry to switch to an electronic closing process after results from a pilot program showed consumers favored it over in-person mortgage closing.
The Consumer Financial Protection Bureau is charging two companies affiliated with Western Union and Fidelity National Financial more than $38 million in total charges for allegedly steering consumers into a mortgage payment program that cost them millions of dollars in fees.
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