Compliance & Regulation

Republican lawmakers are pushing back against claims by the Consumer Financial Protection Bureau's allies that it rooted out fraud at Wells Fargo, arguing the L.A. City Attorney and the Los Angeles Times brought the situation to light.

Federal Reserve Chair Janet Yellen pushed back against the notion that banks might be "too big to manage," saying that despite concerns raised by the recent scandal at Wells Fargo, there is no inherent reason why large banks cannot meet existing standards of conduct.

Fannie Mae has completed two Credit Insurance Risk Transfer transactions worth $14.4 billion, in a continuation of its efforts to reduce taxpayer risk through an increased role for private capital in the mortgage market.

Contrary to expectations about growing mortgage lending volumes, current industry trends suggest a gradual reduction in capacity for both lending and servicing that should alarm policymakers.

A top CFPB official said that lenders have adjusted their business models and practices to comply with new rules, while MBA CEO David Stevens called on the Federal Housing Administration to clarify its underwriting standards.

The next administration in the White House must act swiftly to move reform of Fannie Mae and Freddie Mac off dead center, and Ginnie Mae President Ted Tozer suggested that the model for a new secondary market is already in place.

Xenith Bankshares in Richmond, Va., is getting out of the mortgage origination business.

Goldman Sachs has passed its first compliance test as part of its mortgage-related settlement agreements, the independent monitor reported.

The Department of Housing and Urban Development is taking a harder look at how mortgage lenders treat borrowers with limited English language skills.

Banks that are heavily involved in commercial real estate lending may shy away from buying institutions with similar concentrations.