“On previous occasions when the bureau has issued guidance, its value has been negated by disclaimers making the guidance non-binding on the bureau,” the Mortgage Bankers Association said.
Under Acting Director Mick Mulvaney, the CFPB will rely on state regulators and state attorneys general for more leadership when it comes to enforcement...
Donald Lampe, a partner in Morrison & Foerster, said: “the basic design of the no-action letter process was not very effective from day one,” because of excessive burdens it imposed on applicants.
The bill would make it easier for loan officers to continue working if they leave a bank to go to a nonbank or leave a state-licensed shop in one state to go to a new state.