CFPB creates oversight office to deal with congressional requests
In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.
Politics
Republicans urge FHFA to crack down on Fannie, Freddie activities
Led by Rep. French Hill, the group of conservative lawmakers said the agency must do more to ensure appropriate transparency regarding any new products or activities that the enterprises undertake.
Sovereign growth prospects worsen on geopolitical and other enduring risks
Compared to the baseline macroeconomic scenarios updated in March, near-term growth outlooks have deteriorated across most DBRS Morningstar-rated sovereigns worldwide.
By
Amilda Dymi
Housing construction is near a 49-year high, but is it enough?
Industry leaders suggested they’ve "never felt so worried at a time when everything feels so good otherwise," said Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University.
CFPB plans to review qualified mortgage, CARD Act rules
The director of the Consumer Financial Protection Bureau said he plans to take a fresh look at the Qualified Mortgage rule, the CARD Act and other long-standing rules.
For banks, Fed’s aggressive rate hike cuts both ways
Most banks’ interest income will rise following the Fed policy shift. But the rate increase also boosts the likelihood of a recession that could hurt borrowers and drive up loan losses.
Ginnie Mae may allow commingling of electronic and paper notes
The inability to include both types together in standard loan pools has been one of the hurdles to the adoption of digital collateral.
Bank economists advise caution but don’t expect a recession
An American Bankers Association panel of experts predicted much slower economic growth, but agreed that the U.S. economy will avoid a recession over the next couple of years.
FHFA finalizes public disclosure rules for Freddie Mac and Fannie Mae
The government-sponsored enterprises will start releasing information similar to what large banks already do, starting in the first quarter of 2023.
FHFA Chief Sandra Thompson confirmed by narrow margin
The acting head of the Federal Housing Finance Agency will become the first African American woman to lead the agency as a result of the vote Wednesday.
CFPB’s latest existential threat: Legal challenges to its funding
In a 5-4 Supreme Court decision two years ago, the bureau’s rulemakings survived intact. But a pair of pending cases that challenge the agency's funding through the Federal Reserve are again seeking to invalidate every action the CFPB has taken since 2010.
California lawmakers ask FDIC to cut off high-cost consumer lenders
A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.
Powell cruises to second term as Fed chair
The Senate voted 80-19 Thursday to confirm Powell to the top spot on the Federal Reserve Board of Governors. He joins Philip Jefferson, who was confirmed by the Senate to serve on the board Wednesday night, and Lisa Cook, who was confirmed Tuesday night.
Dallas Fed names longtime New York Fed executive as next president
Lorie Logan manages the Fed’s System Open Market Account and played key roles in the central bank’s crisis responses in 2020 and 2008. She replaces Robert Kaplan, who resigned amid a stock trading scandal last fall.
Chopra’s expansive vision for CFPB authority is facing industry pushback
Consumer Financial Protection Bureau Director Rohit Chopra is pushing the envelope of the bureau's power and jurisdiction in untested ways. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to defend themselves in court.
Republicans call for U.S. Senate to terminate Citi contract over abortion policy
The move from Republican senators mirrors an effort launched in the House, where Citibank also provides credit cards for congressional business. Republicans will be unable to enact such changes unless they take either chamber in upcoming elections.
Bankers cry foul over CFPB crackdown on ‘junk fees’
Bankers object to the Consumer Financial Protection Bureau's request on “exploitative junk fees” that produce billions in income for financial institutions, arguing that banks are compliant with statutes that require fees be disclosed to customers.
CFPB plans to revisit the CARD Act, older regulations: Chopra
The Consumer Financial Protection Bureau director told Congress he will revise some rules as the bureau looks to address late fees.
CFPB invokes authority to examine nonbank fintechs
The Consumer Financial Protection Bureau will conduct supervisory exams of nonbank fintech companies that pose risks to consumers as Director Rohit Chopra seeks to level the regulatory playing field with supervised banks.
Biden will nominate Michael Barr as Fed’s banking supervisor
The White House says the president will nominate Michael Barr, a Treasury Department veteran and one of the architects of the Dodd-Frank Act, as the central bank's vice chair for supervision.
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