Regulatory guidance

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law.

The regulatory road ahead is as uncertain and risky to banks as the pandemic.

The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.

A lawsuit filed Tuesday argues that the bureau's establishment of the panel looking into regulatory changes violated the Federal Advisory Committee Act.

Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak.

Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.

A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system.

A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system.

Recent Fannie Mae and Freddie Mac activities are “not the kind of day-to-day behavior that you would expect from companies” under federal control, the head of the Federal Housing Finance Agency said.

CFPB Director Kathy Kraninger announced the creation of a task force to research and identify potential conflicts in consumer finance law.

The use of state housing finance agency down payment assistance programs is part of the solution to address the growing affordable housing gap, a Fitch Ratings report said.

The Trump administration is not backing down even after a federal court blocked guidance that would have limited the operations of national housing funds.

Genworth Financial agreed to sell its Canadian unit to Brookfield Business Partners for C$2.4 billion ($1.8 billion) as it works to win regulatory approval for its acquisition by China Oceanwide Holdings Group.

Genworth Financial's efforts to advance its sale to China Oceanwide hit a roadblock as bondholders did not respond to a consent solicitation for easing a possible Canadian mortgage insurance unit sale.

The ruling deals a blow to efforts by the Department of Housing and Urban Development to restrict nonprofit housing funds from operating on a national scale.

The mortgage industry is calling for better alignment between the federal government and state of New York regarding proposed regulatory revisions that would affect local servicers.

The agency announced the series in April as an effort to encourage public dialogue on policy issues.

The Consumer Financial Protection Bureau received over a quarter-million complaints in 2018, according to analysis by an advocacy group that urged the agency to maintain public access to its database.