The Office of the Comptroller of the Currency is "overreaching" in its claims that the mortgage subsidiaries of national banks are exempt from state licensing, audits, and enforcement actions, according to Connecticut Attorney General Richard Blumenthal.At a Dec. 18 hearing before a U.S. district court in New Haven, Conn., the AG will be arguing that Wachovia Mortgage is subject to Connecticut laws and regulations even though it is a subsidiary of a national bank. "A careful analysis under the standards governing pre-emption demonstrates that Congress did not intend to pre-empt state authority over state-chartered subsidiaries, such as Wachovia Mortgage," according to a motion for summary judgment filed by the state AG in Wachovia Mortgage v. John Burke. (Mr. Burke is the state banking commissioner.) The Connecticut AG is also supposed to argue that the OCC's legal interpretations and regulations represent a "bootstrapping effort" to shield national banks and their subsidiaries from compliance with state consumer protection laws. "In light of OCC's overreaching, no deference should be afforded its interpretations of the National Bank Act," the motion says.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
3h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16