Compliance & Regulation
The mortgage servicer will pay at least $25 million in cash and provide some $200 million in debt relief to borrowers to resolve a range of alleged violations. But Ocwen will also be allowed to resume acquiring servicing rights in the nation's largest state.
The Consumer Financial Protection Bureau's temporary legal victory on Thursday has lowered the odds that President Trump will seek to remove the agency's director, Richard Cordray, despite repeated calls by prominent Republicans for his ouster.
State mortgage regulatory examinations are focusing on systemic issues and using their broad authority under the Dodd-Frank Act to enforce the Consumer Financial Protection Bureau's servicing rules.
A federal appeals court agreed Thursday to hear an appeal by the Consumer Financial Protection Bureau challenging a ruling last year that its single-director structure is unconstitutional, a victory for the embattled agency.
The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources, such as rent or utility payments, that would allow lenders to build a credit history for unbanked consumers.
Senate Banking Committee Chairman Mike Crapo said Wednesday that although he plans to begin working on housing finance reform and changes to the Dodd-Frank Act, the poor relationship between Democrats and Republicans will slow any progress.
Federal Reserve Chair Janet Yellen appeared Tuesday before an uncommonly collegial hearing of the Senate Banking Committee, but the lack of outward drama masked the fact that lawmakers from both parties were using her testimony to lay the groundwork for a broader battle over the future of regulatory reform.
Federal Reserve Chair Janet Yellen said more interest-rate increases will be appropriate if the economy meets the central bank's outlook of gradually rising inflation and tightening labor markets.
A former executive at Tennessee Commerce Bank executive has been charged with providing false information to one of the bank's regulators.
Thomas Pahl has been appointed acting director of the Federal Trade Commission's consumer protection bureau, the agency said Wednesday.
Some experts say President Trump is being advised to hold off on firing CFPB's Richard Cordray to get the Supreme Court to rule on the extent of the president's executive powers.
The Trump administration was set to release an executive order Friday calling for a review of the Dodd-Frank Act, but the immediate questions about the order focused on what authority the White House has to enact real change.
A federal appeals court on Thursday denied efforts by 16 Democratic attorneys general, several consumer groups and two Democratic lawmakers to defend the CFPB in a critical case.
A federal appeals court ruling has opened the door for litigants to challenge a 2012 decision by the U.S. government to sweep all of Fannie Mae and Freddie Mac's profits into the coffers of the Treasury Department.
The Senate Finance Committee approved the nomination of Treasury Secretary-designate Steven Mnuchin 14-0 on Wednesday after changing the rules to allow Republicans to vote without any Democrats present.
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