Small Banks Remain Just as Active Under CFPB’s Servicing Rules, GAO Finds
July 28, 2016
Small community lenders such as banks and credit unions not only have remained active in the mortgage servicing space under the Consumer Financial Protection Bureau’s mortgage-servicing rules, their market share of 13 percent in 2015 was double what it was in 2008 after the financial crisis, according to a new report from the Government Accountability Office. The largest community banks and credit unions accounted for most of the growth in the share of servicing by community banks and credit unions, the report said. Many of the representatives from 16 community lenders that GAO interviewed said...
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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