5 ways a government shutdown affects mortgage lending
Here's a look at what happens at five federal agencies that support the mortgage industry during a government shutdown.
Law and regulation
Supreme Court case could affect CFPB constitutionality ruling
The Supreme Court agreed Friday to hear a case challenging the appointment of administrative law judges, which could impact a ruling on the constitutionality of the CFPB.
Despite loss, legal battle against CFPB’s Mulvaney isn’t over yet
After a significant setback this week in the legal bid to unseat Mick Mulvaney as acting director of the Consumer Financial Protection Bureau, consumer groups are pinning their hopes on a second case they hope will provide a different result.
Ex-OCC head returns to law firm Simpson Thacher
Keith Noreika, who made waves during his brief stint as acting Comptroller of the Currency, has rejoined Simpson Thacher Bartlett as a partner.
Radical changes ahead for CFPB after Cordray departure
The resignation of CFPB Director Richard Cordray gives President Trump the chance to name a director who could roll back agency rules and supervisory policies.
Deutsche Bank will pay $220 million to resolve U.S. Libor probe
The accord is the latest development in investigations by governments across the globe into banks’ manipulation of benchmark interest rates.
New MBA chair: ‘Regulation by enforcement’ isn’t helping
The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.
Trump chooses former Treasury official for key Fed job
President Trump will nominate Randal Quarles as the Federal Reserve's vice chairman of supervision, the top bank regulatory post at the central bank, according to an announcement by the White House late Monday.
By
Joe Adler
CFPB finalizes TRID update without a fix for compliance ‘black hole’
The Consumer Financial Protection Bureau's final rule to formalize guidance on a number of TILA-RESPA Integrated Disclosures compliance points omits an originally proposed fix for the so-called black hole that's created when a mortgage closing is delayed.
How Canada’s dealing with its own home affordability crisis
Canadian officials are working to slow a rapid rise in home prices that's being attributed to tight inventory levels in the country's largest cities and is threatening to create a housing bubble.
What’s next for CFPB’s debt collection plan
The CFPB's decision to drop a requirement that third parties verify a debt's accuracy before collecting on it is likely to speed the agency's efforts to write rules for all parts of the debt collection market.
CFPB Structure Is Unconstitutional, Court Rules
The single-director structure of the Consumer Financial Protection Bureau represents an unconstitutional concentration of executive power, a federal appeals court said Tuesday. But the court stopped short of disbanding the agency, instead giving the president more power to remove its leader.