One aspect of a law that takes effect in Connecticut on Oct. 1 was designed to improve the surety bond cancellation process by fully automating it, but making that possible will involve a procedural change that servicers who are also lenders in the state will need to understand. “The bill generally requires surety companies to […]
What lender-servicers should know about a new state process Read More »
Federal Reserve Gov. Lisa Cook.Bloomberg News President Donald Trump’s unprecedented move to fire Federal Reserve Gov. Lisa Cook Monday is likely to kick off a high-stakes legal battle over the exact contours of the central bank’s independence, and that battle will likely hinge on whether past actions can disqualify a board member from their current
Cook firing takes the Fed into the unknown Read More »
Bloomberg News WASHINGTON — The Consumer Financial Protection Bureau is proposing a new rule that would limit its ability to oversee nonbanks, according to a notice published quietly in the Federal Register Tuesday. The CFPB said it plans to adopt a new definition of “risks to consumers with regard to the offering or provision of
CFPB to further curb its ability to supervise nonbanks Read More »
Vitalii Vodolazskyi – stock.adob Banks are coming out in support of the Trump administration’s move to repeal Community Reinvestment Act regulations finalized in 2023, despite known flaws with the decades-old status quo. They argue that a flawed but manageable rule is preferable to a flawed and unmanageable one. In a recent comment letter submitted to
Even opponents of Biden CRA want to preserve part of the rule Read More »
The Federal Reserve’s top banking regulator is promoting a pro-technology approach, urging a shift away from what she called “an overly cautious mindset” toward banks adopting innovative tools such as blockchain and artificial intelligence. In a speech Tuesday, Federal Reserve Vice Chair for Supervision Michelle Bowman said regulators must understand new products and services used
Fed’s Bowman: Banks, regulators must embrace emerging tech Read More »
A California regulator is fining the defunct Caliber Home Loans $1.8 million for overcharging borrowers, an issue stemming from an examination almost a decade ago. The former lender, which was purchased by Newrez in 2021, has also refunded over $550,000 to impacted California borrowers, according to a press release Monday. The California Department of Financial
Caliber Home Loans fined for overcharging clients Read More »
Andrew Harrer/Bloomberg Two consumer groups are urging Federal Housing Finance Agency Director William J. Pulte to abandon his directive that Fannie Mae and Freddie Mac explore counting cryptocurrency holdings as reserves in single-family mortgage underwriting. In a letter sent Thursday, the Consumer Federation of America and the National Consumer Law Center said the move, which
Consumer groups urge FHFA not to mix crypto with mortgages Read More »
Bloomberg News (Bloomberg) — At one midsized U.S. mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated. It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier
Mortgage lenders stick with Biden-era reappraisal guidance Read More »
Bloomberg News The Consumer Financial Protection Bureau is ramping up its attacks on the Government Accountability Office, claiming the independent congressional watchdog was “politicized” for questioning acting Director Russell Vought’s decision to reject funding for the CFPB this year. Mark Paoletta, the CFPB’s chief legal officer, sent a letter Thursday criticizing GAO for questioning Vought’s
CFPB calls GAO funding probe ‘political’ and ‘weaponized’ Read More »
The Senate passed the Homebuyers Privacy Protection Act on Saturday, a move that will bring to an end most types of trigger leads. The legislation passed by unanimous consent, a move where a bill can be approved without a roll call vote. The bill now heads to President Donald Trump’s desk where he is expected
Senate passes trigger lead ban Read More »