The House Financial Services Committee passed four bills aimed at reforming the credit reporting system. They are expected to pass the full House, but their fate in the Senate is uncertain.
Fitch is concerned about the performance of commercial MBS backed by student housing loans, as it has been the largest contributor to overall multifamily defaults.
Industry groups are unsettled by state mortgage servicing requirements that go beyond the Consumer Financial Protection Bureau’s rules. More than 30 states now require nonbank servicers to obtain licenses.
“This case, which clearly presents the question whether the CFPB is constitutional, is an ideal vehicle for the court’s review,” wrote Seila Law. “The petition for a writ of certiorari should therefore be granted.”
How do you get out of a debt bubble? Answer: Raise taxes and cut spending, something U.S. politicians have been loath to do. Or you could print more money...
Bank employees, under current regulations, are allowed to offer residential mortgages without taking the test or meeting some other basic SAFE Act requirements, such as passing an independent background check and taking 20 hours of SAFE Act pre-licensing courses.
The House Financial Services Committee’s task force on artificial intelligence recently held its first hearing. Lawmakers asked about ways to make sure that algorithms don’t discriminate.
Seila Law has now asked the Supreme Court to decide whether the CFPB’s structure is constitutional. The law firm lost before the U.S. Court of Appeals for the Ninth Circuit on the same issue.