Politics

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.

The Housing Policy Council added its voice to previous requests for federal officials to provide a longer-term comment period on a draft categorization system for government mortgages.

After Democrats failed last year to rally support for a federal 36% limit, House and Senate proponents are trying to capitalize on the momentum from state rate caps that recently passed on a bipartisan basis.

Two progressive Democratic senators said they oppose the renomination of Federal Reserve Chair Jerome Powell to a second term, joining Elizabeth Warren in urging President Biden to choose someone else.

The consumer bureau is asking for comment on whether the rule implementing the Home Mortgage Disclosure Act is meeting its stated goals of detecting discrimination in mortgage lending.

Advocates negotiating with the Minneapolis bank also want commitments for mortgage assistance and payouts to financial nonprofits. The pressure for Federal Reserve hearings coincides with Biden administration calls for more scrutiny of big bank mergers.

GOP opposition and a packed Senate agenda have delayed the vote on Julia Gordon as head of the Federal Housing Administration. But industry representatives say that with FHA delinquency rates still elevated and loan forbearance plans expiring, there's an urgency for Congress to confirm her by year-end.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

In a letter to the agency’s new director, top Senate Democrats recommended policy steps intended to limit mistakes in consumers’ credit files that they said “can ruin lives.”

The Federal Housing Administration’s changes seek to bring guidelines for specialized Title I programs in line with current borrower and market needs.

Randal Quarles, who oversaw an easing of post-financial crisis rules as the Federal Reserve’s vice chair of supervision, announced he will resign at the end of this year. His departure will leave President Biden with another open seat to fill on the central bank’s board.