Compliance & Regulation

Fannie Mae and Freddie Mac may need to tap into U.S. Treasury funds when they adopt CECL, a new accounting rule that makes companies set aside money upfront for expected loan losses.

The California Democrat would have more of a bully pulpit as chair of the Financial Services Committee, but some say she could take a pragmatic approach to passing banking legislation.

A Fannie Mae test to handle the private mortgage insurance process for lenders may raise concerns that it's going outside the scope of its secondary market mission. But the effort reflects its mandate to explore new credit-risk transfer alternatives, a company executive said.

A more conservative court will be likelier to rule favorably on issues ranging from the deference for regulatory agencies to what constitutes a fair-lending violation.

Brian Johnson will serve as the agency's acting deputy director, succeeding Leandra English, who recently said she plans to resign from the CFPB.

Leandra English, who sued President Trump and Mick Mulvaney last year claiming to be the rightful director of the CFPB, said Friday that she plans to resign and drop the litigation.

The agency will advise lenders on how to obtain partial exemptions from Home Mortgage Disclosure Act requirements that Congress adopted this spring.

The Consumer Financial Protection Bureau's practice of "regulation by enforcement" and use of nonbinding guidance materials makes its regulatory efforts "unfair and ineffective" to lenders and servicers, the Mortgage Bankers Association said.

The Royal Bank of Scotland is paying $20 million to settle an investigation by the Illinois attorney general related to the bank's marketing and sale of residential mortgage-backed securities.

With better-than-expected performance of the underlying mortgages, Fitch Ratings cut its loss projections for seasoned government-sponsored enterprise credit risk transfer deals.