The Senate on Thursday unanimously passed bipartisan legislation to rein in trigger leads. That follows the House Financial Services Committee’s unanimous approval of the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, earlier in the week. The mortgage industry now awaits as lawmakers work to reconcile minor differences between the House […]
Trigger leads bill passes in Senate Read More »
Bloomberg News A federal judge rejected the Trump administration’s effort to undo a redlining settlement between the Consumer Financial Protection Bureau and a Chicago mortgage lender whose CEO made comments on a talk-radio show that the agency had alleged discouraged potential Black homebuyers from applying for home loans. On Thursday, District Court Judge Franklin U.
Judge rejects CFPB motion to undo redlining settlement Read More »
Bloomberg News President Trump’s efforts to unilaterally and radically reduce the workforce at the Consumer Financial Protection Bureau is teeing up a rarely-considered constitutional question: if Congress makes the laws and the president enforces them, can the courts intervene if they think those laws are not being enforced “faithfully?” Appellate judges overseeing the ongoing legal
CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws Read More »
Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News Newly minted Federal Reserve Vice Chair for Supervision Michelle Bowman is aiming to do something that escaped both her predecessors: finalize the U.S. implementation of the so-called Basel III framework. In her first speech since being confirmed to the central bank’s top regulatory role, Bowman outlined
Is third time the charm for Basel III endgame? Read More »
Diane Tomb is out as CEO of the American Land Title Association, and there are indications that the departure was not voluntary. Chris Morton, previously senior vice president of public affairs and chief advocacy officer, has been named as Tomb’s replacement. Morton had been in that role since 2020 when he first joined ALTA. “We
ALTA shakes up leadership: Tomb out, Morton in as CEO Read More »
Sheila Bair, former chair of the Federal Deposit Insurance Corp., in 2023.Bloomberg News The former Chair of the Federal Deposit Insurance Corp. Tuesday said she is concerned that the current push to deregulate banks could lead to a calamity in the financial system down the road. Bair, speaking before the Brookings Institution Tuesday, expressed concern
Former FDIC chair fears deregulation could spur new crisis Read More »
Bloomberg News Cara Petersen, the principal deputy enforcement director at the Consumer Financial Protection Bureau, has resigned from the agency, stating in an email to staff that the bureau’s leadership under the Trump administration has “no intention to enforce the law in any meaningful way.” On Tuesday, Petersen sent an email to the CFPB’s enforcement
CFPB’s top enforcement official, Cara Petersen, resigns Read More »
Regulators decision to lift Wells Fargo’s asset cap after seven years leaves the San Francisco-based bank better positioned for growth but won’t result in significant near-term gains, CFO Michael Santomassimo said.Eric Thayer/Bloomberg Wells Fargo has more flexibility, and its bankers can go about their business in a more “front-footed” fashion, now the Federal Reserve has
Wells Fargo: End of asset cap is not a “light-switch moment” Read More »
A trigger leads bill on Capitol Hill is moving forward as lawmakers backed the effort to protect the privacy of mortgage applicants nationwide. The House Financial Services Committee on Tuesday unanimously adopted the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, which would prohibit some lenders from contacting borrowers. Consumers and
Trigger leads bill advances on Capitol Hill Read More »
A Washington state financial regulator slapped a $185,000 fine on mortgage brokerage Xpert Home Lending, and will revoke its ability to originate loans in the state if the firm does not follow an agreed upon consent order. The mortgage broker was accused of a handful of infractions including failing to license a number of its
State regulator slaps mortgage brokerage with $185K fine Read More »