Investors in mortgage servicing rights must obtain a license in New Jersey; the Mortgage Bankers Association has urged Georgia to repropose certain portions of its proposal implementing temporary authority for LOs; New York enacts “zombie” property remediation law.
CFPB releases annual adjustment of asset-size thresholds under HMDA and TILA; CFPB issues financial literacy annual report for fiscal 2019; progressive groups call on Supreme Court Justice Brett Kavanaugh to recuse himself from the CFPB constitutionality case; the New Civil Liberties Alliance files lawsuit challenging the CFPB’s funding mechanism.
Some trade groups urged the Supreme Court to pursue a narrow remedy if the CFPB’s structure is found unconstitutional, in order to prevent market disruption.
The proposed changes to the Community Reinvestment Act are intended to prevent banks from receiving credit on mortgages to wealthy people living in low-income areas.