Regulatory relief

Credit union executives talked up a pending regulatory relief effort while endorsing a radical shift in direction by the Consumer Financial Protection Bureau during a meeting with President Trump and other top White House officials on Monday.

House Chief Deputy Whip Patrick McHenry, R-N.C., said House lawmakers are having discussions with the Senate about ways to go further on rolling back Dodd-Frank before the Senate is expected to hold a floor vote.

As a bipartisan regulatory relief bill approaches the finish line in the Senate, the House has mostly stood on the sidelines. But no one expects the lower chamber to just rubber-stamp the deal.

Commenting on the consumer bureau’s enforcement practices as part of a CFPB review could help shape regulatory reforms, but it could also draw attention to a firm’s run-in with the agency.

Acting Consumer Financial Protection Bureau Director Mick Mulvaney is discarding many of the policies of his predecessor but none as important perhaps as the agency's targeting of "unfair, deceptive or abusive acts or practices."

Nonbank mortgage firms are seeking formal assurance from the Consumer Financial Protection Bureau that they will not become subject to surprise audits or enforcement without involvement of a state regulator.

The acting director of the Consumer Financial Protection Bureau on Tuesday had his first taste of the withering congressional criticism endured by his predecessor on trips to Capitol Hill.

The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.

The statutory clock on Mick Mulvaney serving as acting head of the Consumer Financial Protection Bureau is under a year, but the administration's path to getting a full-time director confirmed by the Senate has never looked rockier.

Comptroller of the Currency Joseph Otting met Tuesday with acting CFPB Director Mick Mulvaney to discuss ways to reduce regulatory burden and coordinate supervision of financial firms.

Powell, a former investment banker who has served as a Fed governor, was confirmed by the Senate last month to a four-year term as chair of the central bank.

The mortgage industry should expect significant volatility that could result in a wave of lender consolidation in 2018, warns an analyst at risk management technology vendor LoanLogics.

The busy legislative agenda laid out by President Trump in the State of the Union speech Tuesday night casts doubt on how quickly Congress can move on financial services legislation, particularly a housing finance reform package.

The acting head of the Consumer Financial Protection Bureau can utilize "look-backs" of mortgage servicing and underwriting rules to push for significant changes.

Mick Mulvaney’s unapologetic memo to staff about the Consumer Financial Protection Bureau’s mission headlined a spate of developments this past week as he continues to transform the agency. Here are the key developments.

Analysts believe a bipartisan coalition supporting limited regulatory relief will hold, but the toxic political environment and more looming budget battles to come could obstruct the banking bill's path.

Many in the industry applauded the Consumer Financial Protection Bureau's new mission statement shifting the agency's focus away from using enforcement actions as a substitute for rules of the road.

A bill passed by the House would raise the threshold that allows smaller banks and credit unions to avoid expanded Home Mortgage Disclosure Act requirements imposed by a 2015 rule.

Mark Calabria, chief economist to Vice President Mike Pence, said passage of the regulatory relief bill could be delayed as policymakers deal with other items such as budget deadlines and an infrastructure bill.

If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.