Processing Content Key insight: The Federal Reserve’s bylaws — or lack thereof — mean that the Fed chair’s actual powers are largely undefined and based on precedent, norms and persuasion. Forward look: The possibility of a Democratic appointee after the next presidential election could create the conditions for a power struggle on what has long […]
Who really controls the Fed board? Read More »
A new Minnesota bill signed into law last week will require mortgage servicers to maintain recordings of all customer telephone interactions for five years, alongside a host of tightened rules affecting escrow and account transfers. Processing Content Under the new law, companies servicing more than 500 residential loans in the North Star State must record
Minnesota mandates recording of most mortgage servicing calls Read More »
The Federal Housing Administration is seeking feedback on its current single family minimum property requirements, after the Mortgage Bankers Association and others nudged the agency earlier this month. Processing Content The FHA published a request for information in the Federal Register Friday, looking for stakeholder comment on how to improve and modernize standards that have
FHA seeks feedback on how to improve property standards Read More »
MV Realty, the company that marketed a controversial homeownership benefits program that locked consumers into a relationship for 40 years, has now settled its legal matters with the California Attorney General’s office. Processing Content The deal follows agreements reached with officials in Nevada, Pennsylvania and North Carolina during April. Massachusetts entered into a settlement with
MV Realty to pay $2.5 million to California NTRAPS victims Read More »
Key takeaway: The private credit market, with an estimated size of $1.5 to $2 trillion, poses a challenge to regulators tasked with monitoring the sector because data collection is fragmented or locked behind paywalls. Expert quote: “This web of interlinkages may create challenges for banks in effectively managing their direct and indirect risks. Fragmented oversight
Report: Private credit opacity poses risk to financial system Read More »
Russell Vought, the acting director of the Consumer Financial Protection Bureau, during a hearing on Capitol Hill April 15.Bloomberg News Processing Content Key insight: The CFPB said in a memo that roughly 450 out-of-state workers must relocate to Washington, D.C. — a move that’s seemingly calculated to force mass resignations. What’s at stake: The return-to-office
CFPB ends telework in a move that could cut staff further Read More »
Russell Vought, acting director of the Consumer Financial Protection Bureau.Bloomberg News Processing Content Key insight: The new CFPB rule protects lenders from being penalized for unintentional discrimination, including in cases involving automated algorithms and credit models. What’s at stake: The new rule narrows the legal definition of “discouragement,” making it easier for banks to avoid
CFPB sued over new rule that would weaken fair-lending laws Read More »
Key insight: Banks made $80.5 billion in the first quarter, with the rate of lending at its fastest pace in years. Supporting data: The net interest margin industry-wide fell by 8 basis points to 3.31% Expert quote: “We’ve had several consecutive quarters of very favorable banking conditions, but at the same time we’re always mindful
Bank earnings rise in Q1, though margins tightened Read More »
Key takeaway: Kevin Warsh, President Donald Trump’s pick to lead the central bank, is now officially the chair of the Federal Reserve. Expert quote: “I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody, just do your own thing and do a great job.” —
Kevin Warsh sworn in as Federal Reserve chair Read More »
Rocket Cos. is laying out its defense against steering accusations from consumers, claims which stem from a regulator’s yearslong probe. Processing Content Three plaintiffs sued the lender in January, reviving a Real Estate Settlement Procedures Act complaint raised by the Consumer Financial Protection Bureau. The lawsuit accuses the company of steering customers on its Rocket
Rocket lays out its steering defense in RESPA lawsuit Read More »