The third meeting this year between officials of the CFPB and the CMLA focused on the loan originator compensation rule. The trade group noted that bureau Director Kathy Kraninger is open to industry feedback.
A dozen Republican state attorneys general asked the Supreme Court to review the challenge to the CFPB’s structure, stating their belief the bureau directorship is unconstitutional.
The House Financial Services Committee passed four bills aimed at reforming the credit reporting system. They are expected to pass the full House, but their fate in the Senate is uncertain.
Seila Law has now asked the Supreme Court to decide whether the CFPB’s structure is constitutional. The law firm lost before the U.S. Court of Appeals for the Ninth Circuit on the same issue.
The House of Representatives passed a bill introduced by Maxine Waters, D-CA, to reverse former CFPB acting Director Mick Mulvaney’s efforts to rein in the bureau. But the bill is likely to go nowhere in the Republican-controlled Senate.
A top CFPB official has defended the bureau’s proposed payday lending rule on Capitol Hill as state attorneys general weighed in to oppose the proposal, noting it will limit states’ ability to protect consumers.
The CFPB has sought insight and opinion from market participants on origination and underwriting processes for Property Assessed Clean Energy financing as it prepares to under-take rulemaking.
Republicans on the House Financial Services Committee in a hearing last week rebutted a proposed bill undoing changes made by former CFPB acting Director Mick Mulvaney.
Democratic lawmakers recently introduced a bill to both chambers of Congress to repeal the partial exemption granted last year to smaller institutions from certain mortgage reporting requirements.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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