Compliance & Regulation

A sweeping bill that would have given the state unprecedented power over local development failed in its first committee hearing, crushing the hopes of those who saw it as the key to making housing in the state more affordable.

The New York State Department of Financial Services is warning that alternative home purchase finance agreements might be a cover for predatory mortgage lending practices by unlicensed entities.

A panel of judges remained skeptical of claims by Leandra English, deputy director of the Consumer Financial Protection Bureau, that she is the rightful head of the agency. But they didn’t sound convinced that current acting Director Mick Mulvaney is, either.

In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.

House Speaker Paul Ryan's decision not to seek re-election is another sign of the difficulties Republicans will likely face holding the chamber in November, heightening pressure to move a pending regulatory relief bill as soon as possible.

The New York Department of Financial Services is fining Nationstar Mortgage $5 million for failing to comply with servicing and origination regulations as it grew between 2012 and 2014.

The Consumer Financial Protection Bureau on Wednesday asked for public input on the way it receives and processes complaints from consumers in what the agency said was a preliminary step toward making improvements.

Questions about the CFPB’s structure, high-profile enforcement actions and the acting director’s rift with Elizabeth Warren could dominate two days of hearings on Capitol Hill.

The future secondary mortgage market entities will receive high investment grade ratings, even as there is no clarity on their scope or form, Fitch Ratings said.

As the state's costliest housing markets and high rents threaten to force all but the highest-paid workers into ever-longer commutes, California lawmakers have introduced a bill to help more teachers, firefighters and other middle-income workers live close to their jobs.