The proposed Consumer Financial Protection Agency’s power would be so broad that it could potentially limit product choices, ration credit, raise costs and eliminate the desire and willingness of the private sector to take risks and innovate, according to financial services providers. The CFPA could turn the financial sector into a...
Read More
While proposed regulations provide guidance in implementing the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, they also raise questions that are left unanswered, compliance experts say. Mainly, the proposed rules issued jointly by federal thrift and banking regulators fail to clearly...
Read More
Decoupling consumer protection and safety and soundness is shaping up to be one of the most contentious issue in the upcoming debate over a new independent federal agency to approve and oversee financial products and services and the companies that provide them. his issue and other potential flash points emerged during a June 24...
Read More
The true impact of the U.S. Supreme Court’s recent decision in Cuomo v. The Clearing House Association remains to be seen, given the court’s finding that states have the power to enforce state laws against national banks through the courts but not to examine banks or issue a subpoena in the course of an investigation...
Read More
Pressure mounted on the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to set aside the highly controversial Home Valuation Code of Conduct, which the GSEs adopted May 1.Legislation was introduced that would impose an 18-month moratorium on the HVCC, while industry groups are asking both Fannie and Freddie for a similar delay...
Read More
Stakeholders of mortgage settlement reform strongly urged the Obama administration to withdraw a final Real Estate Settlement Procedures Act rule and develop a simple, single format for RESPA and Truth in Lending Act disclosures before the industry incurs enormous costs converting disclosure systems. Nine industry groups reiterated...
Read More
There is some resistance to an Obama administration regulatory restructuring plan to allow the Consumer Financial Protection Agency to administer and enforce the Community Reinvestment Act. House Financial Services Committee Chairman Barney Frank, D-CT, said he is hesitant to move the CRA to the new agency, although he did not clearly explain...
Read More
Massachusetts.Taylor, Bean &Whitaker Mortgage Corp. has agreed to a $9 million multi-state settlement with the Massachusetts Division of Banks regarding the origination of nontraditional mortgages in 2006. TBW also agreed to assist the 14 jurisdictions that were parties to the agreement in their oversight of the lender’s mortgage lending...
Read More
Federal Housing Finance Agency: HARP Expanded. The Obama administration has expanded the Home Affordable Refinance Program to allow borrowers who are up to 125 percent underwater on their mortgages but are current on their monthly payments to refinance under the program. The Federal Housing Finance Agency also approved Fannie Mae and Freddie Mac to...
Read More
The Senate Committee on Banking, Housing and Urban Affairs has approved the nomination of Dave Stevens as FHA commissioner. President Obama nominated Stevens more than three months ago, but his confirmation stalled after allegations of involvement in a Real Estate Settlement Procedures Act violation surfaced prompting an investigation...Read More