Four New York members of the House Financial Services Committee are urging the Office of the Comptroller of the Currency to refrain from issuing a final rule that would pre-empt state predatory lending laws until Congress has a chance to hold hearings next year.The OCC proposal "makes significant changes to the financial regulatory structure and state law enforcement," the lawmakers say in a Dec. 1 letter. "We are concerned that exclusive regulatory oversight of these entities will result in lesser, not greater, protections for consumers." The OCC is considering a proposal that would pre-empt nearly all state consumer protection laws that could interfere with the operation of national banks and their mortgage subsidiaries. "We urge you to refrain from finalizing these proposed regulations until Congress has had the opportunity to review these proposals and signal our intent," the letter says. Reps. Sue Kelly (R), Peter King (R), Carolyn Maloney (D), and Carolyn McCarthy (D) signed the letter.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
6h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
7h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
7h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
8h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
8h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
10h ago