Politics

While some in the industry support the change, mortgage broker trade group AIME called on the agency to reconsider it.

The new leader, who officially joined the government mortgage-bond insurer on Jan. 3, is the first Senate-confirmed holder of the post in close to five years.

The Trump-appointed head of the Federal Deposit Insurance Corp., Jelena McWilliams, said she plans to leave the agency in early February. The announcement comes weeks after Democratic appointees making up a majority of the board had threatened her leadership by acting on policy related to bank mergers without her consent.

Biden administration appointees moved quickly to highlight climate change risks and unwind Trump-era regulatory relief and housing finance measures. These regulators and lawmakers will have a seat at the table as the progressive shift in banking policy continues.

The current patchwork approach to financing the retrofitting of low-income apartment buildings is one of the key issues that should be addressed, the company’s report found.

The state has distinct loss mitigation policies, and particularly complex rules for foreclosures scheduled to fully restart when its ban ends — and other states could write similar rules.

The state Department of Financial Protection and Innovation issued a cease-and-desist order against Nano Banc, saying the troubled bank violated an earlier consent agreement when it replaced five board members and appointed a new CEO without the regulator’s permission.

Under the Federal Housing Finance Agency rule, the GSEs would need to lay out how levels will change under a variety of stress tests, including required ratios separately proposed for amendment.

Consumer Financial Protection Bureau Director Rohit Chopra has helped assert the authority of the three Democrats — including himself — who serve on the governing body of the Federal Deposit Insurance Corp. GOP lawmakers responded with a bill to strip the consumer agency's head of voting powers on the FDIC board.

Sandra Thompson has won praise from homeownership advocates for suspending a fee imposed on borrowers that was meant to recoup Fannie Mae and Freddie Mac's pandemic-related losses, among other actions she reversed. On Tuesday, President Biden said he will nominate her to be the permanent director of the Federal Housing Finance Agency.

Following the announcement of a shift in her political ambitions, Attorney General Letitia James signaled to servicers that she’s watching compliance around pandemic-related mortgage relief closely.

The Consumer Financial Protection Bureau seems to have been turned loose by Chopra in a redux of the bad old days under former director Richard Cordray, when the agency inflicted punishment on the mortgage industry often without any basis in fact, writes Whalen.

The banking industry, which often questions aggressive moves by the agency, urged the Consumer Financial Protection Bureau to level the regulatory playing field between the financial and technology sectors.

Some mortgage companies handling servicing have incorrectly charged borrowers for nonpayment and taken almost a year to issue refunds, the Consumer Financial Protection Bureau found.

Rohit Chopra, director of the Consumer Financial Protection Bureau, pledged to make it easier for state attorneys general to draw on the Consumer Financial Protection Act in filing lawsuits against corporate wrongdoers.

The guessing game is over about President Biden’s pick for Federal Reserve chair, but several names are in the mix for three additional vacancies on the board, including vice chair for supervision.

Besides making the deduction permanent, the bill doubles the income threshold for those eligible to claim it.

Demand for advances from the Home Loan banks has plummeted as the Federal Reserve has flooded the financial system with liquidity. But with a nudge from Congress, these government-sponsored enterprises could remain relevant by broadening their mission and opening membership to more lenders.

The Consumer Financial Protection Bureau’s new director, Rohit Chopra, has settled a lawsuit that said a task force assembled by his Republican predecessor was illegal. Here's what it means for his ability to advance a more pro-consumer agenda.

The White House is considering nominating Richard Cordray, who led the Consumer Financial Protection Bureau from 2013 to 2017, as the Federal Reserve's next vice chairman of supervision, according to a report in The Wall Street Journal.