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The Consumer Financial Protection Bureau’s fuse has run out for mortgage servicers that are behind in implementing the agencies rules, according to CFPB Deputy Director Steve Antonakes, who spoke to the Mortgage Bankers Association in Orlando, Fla., on Feb. 19.
Last month, CFPB Director Richard Cordray came under sharp questioning at a House Financial Services Committee hearing by Chairman Jeb Hensarling (R-TX).
On February 12, the U.S. Chamber of Commerce sent a letter to CFPB Director Richard Cordray outlining three specific areas in which the Chamber is “seriously concerned that the bureau is not working toward clear, evenly applied, economically sound standards.”
The Consumer Financial Protection Bureau wants to expand its collection of residential mortgage data.
On January 15, a federal district court in California rejected a constitutional challenge to the CFPB.
The Consumer Financial Protection Bureau is amassing mortgage and card data of bank customers across the country. From the standpoint of reducing banks’ mortgage compliance burden, the bureau’s project has the potential to help banks.
Under a proposed rule, certain nonbank international money transfer providers would be subject to supervisory oversight from the Consumer Financial Protection Bureau.
Community bank members of the Federal Reserve’s Community Depository Institutions Advisory Council told the Fed community banks will wait to implement the Consumer Financial Protection Bureau’s mortgage framework until the law has been tested in court, according to Brian Johnson, CEO of Choice Financial Group, Grand Forks, N.D.
Fidelity Mortgage Corporation of St. Louis and its former owner and current president Mark Figert have been ordered by the Consumer Financial Protection Bureau to pay $81,076 for illegal kickbacks.
The Wall Street Journal recently reported that the Consumer Financial Protection Bureau has expanded an earlier probe into for-profit colleges.