The transaction threshold determining which nonbanks come under the bureau’s supervision has been drastically increased, to 50 million annual transactions from 5 million proposed.
Federal Reserve examiners found that all Real Estate Settlement Procedures Act violations it encountered at banks in 2023 were tied to escrow account requirements.
The CFPB last month issued its first contested supervisory designation order against a nonbank. The bureau said other companies that had received notices consented to supervision.
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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