The CFPB is looking into whether it’s necessary to recertify a borrower’s ability to repay a rate-term mortgage refinance, Kevin Stevens, a senior manager at the bureau, said at a Mortgage Bankers Association conference held in Washington, DC, last week.
The Securities Industry and Financial Markets Association and the Structured Finance Association have urged the U.S. Supreme Court to weigh in on the lawsuit involving the CFPB and student loan ABS.
The final rule is essential in helping to reduce risks of discrimination in automated-valuation models used in the mortgage market, according to CFPB Director Rohit Chopra and Deputy Director Zixta Martinez.
How the bureau delegates on rulemaking has changed in recent years under Rohit Chopra, according to John Tonetti, former senior policy analyst in the Office of Supervision Policy.
Pete Mills, a senior vice president at the Mortgage Bankers Association, said the registry is an “unnecessary and redundant move.” The final rule requires nonbanks to report to the CFPB any government or court orders penalizing them for violations of consumer protection laws.
The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.
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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