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CFPB Proposes First Rule

Signaling that it means business, the newly opened Consumer Financial Protection Bureau undertook its first major stab at the rule-making process by issuing a proposed rule that would shift alternate mortgage origination from the state to federal level nationwide. The rule applies to Regulation D under the Alternative Mortgage Transaction Party Act. If enacted, it would enact a Dodd-Frank provision by allowing state-licensed mortgage originators to make alternative loans even states with laws that prohibit such loans.

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House Passes Bill to Revamp CFPB

Passing a bill aimed at reforming the agency, House lawmakers showed no sign of stopping in their attempts to reform the Consumer Financial Protection Bureau just one day after it officially opened its doors. On Thursday the lower chamber pushed through H.R. 1315, titled the Consumer Financial Protection Safety and Soundness Improvements Act, which ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô contingent on Senate action and a bicameral reconciliation process ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô would swap the director for a commission and strengthen the Financial Stability Oversight Council.

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Treasury Gives Bank $23.9M to Create Jobs

On Wednesday the Treasury Department released a statement announcing that the Small Business Lending Fund had provided Bank of Houston Holdings, Inc. with a $23.9 million capital infusion, with the hope that it will signal a boost in lending to small businesses.

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Analysts: U.S. Default May Crimp GSEs, Close FHA

With recent reports signaling a throwback for public officials involved in debt-ceiling negotiations, housing analysts and market watchers worry about the possible fallout for government-backed mortgages in a default scenario come August. If the federal government defaults on its debt, analysts say, still-brittle mortgage markets will splinter as mortgage rates follow spikes in Treasury yields. Concerns continue to grow after a series of breakdowns between Congress and the White House.

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New Senior Executive for PNC

Despite today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós report in the Wall Street Journal of continued layoffs in multiple professional sectors, not everyone is fearing for their job. Especially Michael D. Greenwood of PNC Mortgage who has just been promoted to senior executive of the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Miamisburg, Ohio branch of operations.

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One Year Later, the CFPB Goes Live

Following months of anticipation among critics and admirers alike, the Consumer Financial Protection Bureau formally opened its doors Thursday, taking over rule-writing and enforcement abilities for 18 consumer financial laws, preparing a host of new regulators, and assuming an array of powers provided by the Dodd-Frank Act. The launch notwithstanding, a tied-up confirmation process, scale-up difficulties, and stiff political opposition from the past year hold the CFPB back, making some wonder how the bureau will function.

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GAO Analyzes Risk-Retention Rule

On Tuesday the Government Accountability Office added to fears over rising mortgage rates by releasing a new report that casts concern on the role risk retention will play in the markets. A provision in the Dodd-Frank Act obligates the GAO to perform an economic impact analysis, making the report a timely one since it arrives on the heels of outcry from trade and industry associations. It added that mortgage-related provisions in Dodd-Frank would prescribe "tradeoffs" between additional consumer financial protection and a needed expansion in credit supply.

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