New York’s governor recently directed the New York State Department of Financial Services to investigate instances of alleged mortgage deed fraud in Brooklyn.
The CFPB will hold a symposium Wednesday to discuss data collection on small business lending; Supreme Court sets briefing schedule in Seila Law v. CFPB.
Rep. Patrick McHenry of North Carolina questioned whether the collection requirements under HMDA contribute to lending discrimination towards the LGBTQ community.
A recent study found that a substantial portion of lenders reduced interest rates to avoid being subject to the CFPB regulation regarding high-cost mortgages.
Nearly two dozen Democratic senators urged the CFPB to immediately open an enforcement investigation into a servicer’s management of a student loan forgiveness program.
A kinder, gentler CFPB? Looks that way. The agency now typically addresses fair lending violations through the supervisory process by issuing firms letters, such as “matters requiring attention” or “supervisory recommendations,” rather than escalating them to enforcement actions.
Government-insured reverse mortgage programs should offer simple and streamlined products in order to become more attractive to elder borrowers, according to the Brookings Institution.
The CFPB nowadays is less active in addressing fair lending concerns via enforcement actions, particularly in cases relating to disparate impact. The bureau did not initiate or complete a single fair lending enforcement action from October 2018 to March 2019.
The outlook for hotels and suburban offices remains questionable because excess supply is likely driving up default risk in commercial MBS backed by these property types, says Moody’s.