The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney proposed dramatic curbs to his agency's power in a report Monday, including a recommendation that all CFPB rules must be approved by Congress.
Momentum to overhaul the mortgage finance system had been slipping, and with Democrats divided over the Senate's banking relief bill there's virtually no chance more bipartisan deals can be worked out.
The annual progress report on the Fannie Mae and Freddie Mac conservatorships reiterated that a new credit score model will likely not be operational until after the implementation of a new Single Security Initiative.
Heads of a large real estate investment company with offices in Alaska and California have agreed to pay $3 million in fines for what a federal agency says was a scheme to "bilk" hundreds of investors out of millions of dollars.
A majority of midsize and large banks complain that red tape is mounting and that they are passing on higher regulatory costs to customers and have less flexibility in designing products, according to a new survey by the RMA.
Lenders should not get so desperate chasing volume by originating lower credit non-qualified mortgage products that they are inviting the next regulatory crackdown, said David Stevens, the Mortgage Bankers Association's CEO.