Fifty-four Senate Democrats and Independents issued a letter to the president last week defending the Consumer Financial Protection Bureau (CFPB) and pledging to support the re-appointment of current director Richard Cordray. In their letter, Cordray's Senate supporters decried the opposition's efforts as an attempt to "weaken the CFPB through structural changes" from "a minority of Senators [who] do not support the existence of the agency." The issue of Cordray's nomination comes at a pivotal time for CFPB.
Read More »CFPB Aims to Prepare Industry, Consumers for Pending Rules
The Consumer Financial Protection Bureau recently finalized several rules for the mortgage industry, including the ability-to-repay rule and new mortgage servicing guidelines. As the Bureau prepares for the rules to take effect in January 2014, it aims to take several actions to educate and prepare both the industry and consumers on the new regulations.
Read More »CoreLogic: 60% of Today’s Loans Fail QM, QRM Requirements
About 60 percent of loans written today would be unacceptable under the finalized rules for a QM and the anticipated rules for a QRM, according to CoreLogic.
Read More »Poll: 4 in 5 Small Business Owners Support Tougher Rules for Wall Street
An Internet poll conducted by Lake Research Partners and released by Small Business Majority shows 80 percent of small business owners believe Wall Street and financial companies should face tougher rules and enforcement following the financial crisis. The remainder believe those companies have showed enough evidence of change that further regulation is unnecessary. Additionally, a combined 66 percent expressed their opinion that the level of government oversight should increase or is about right the way it is.
Read More »CFPB Announces Acting Deputy Director as Date Departs
The Consumer Financial Protection Bureau (CFPB) announced Steve Antonakes will serve as acting deputy director while the agency continues searching for a replacement for departing deputy director Raj Date. CFPB announced in November that Date would depart at the end of January 2013.
Read More »CFPB Leadership Uncertain as Court Invalidates Recess Appointments
A federal appeals court in Washington, D.C., ruled Friday that the controversial recess appointments made by President Obama in January 2012--which includes the appointment of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB)--are "invalid from their inception." Administration officials insisted the president was acting correctly under the Constitution; critics argued that the Senate was not actually in recess and that the president was skirting around the confirmation process.
Read More »Obama Nominates SEC Chair, Re-nominates Cordray for CFPB
President Obama nominated Mary Jo White to serve as chair of the Securities and Exchange Commission (SEC), according to reports. Obama also renominated Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB).
Read More »NAMB: Loan Officer Compensation Rules Threaten Small Businesses
The Consumer Financial Protection Bureau's (CFPB) new rules on loan originator compensation will inevitably raise prices for consumers and harm small business, according to the National Association of Mortgage Brokers (NAMB). NAMB president Donald J. Frommeyer noted that the majority of the 10,579 mortgage brokers in the United States have five employees at most, and a large portion of the commission they receive on loans goes to paying overhead to operate their business.
Read More »Mortgage Fraud Up 1.1% from Q2 to Q3 2012
A report from Kroll Factual Data, Inc., shows the risk of mortgage fraud rose 1.1 percent throughout the country between the second and third quarters of 2012.
Read More »CFPB Announces Rules to Reform Originator Compensation
The Consumer Financial Protection Bureau announced more new rules designed to shape up origination practices and compensation.
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