Across the 47 state assemblies in session, there are about 500 pieces of legislation under consideration that would directly impact mortgage servicers.
The bureau has opened for public feedback the Independent Community Bankers of America’s application for a trial program that would provide borrowers expanded disclosures for construction and construction-to-permanent loans.
The CFPB last month finalized, without changes, a procedural rule to update its Rules of Practice for Adjudication Proceedings. The bureau received four comments on the rulemaking.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
S&P Global Ratings said that the advantages of decentralized finance securitizations, including increased transaction speeds and greater transparency, are counterbalanced by several risks in the sector. Many of the risks are inherent to the use of a blockchain, like difficulty correcting errors in registered information.
The Supreme Court has agreed to take on the contentious issue of whether the CFPB’s funding is unconstitutional. Last year, the Fifth Circuit Court of Appeals held the bureau’s funding structure violated the Constitution’s appropriation clause and separation of powers doctrine.