April 11, 2018


In This Issue:

  • MUST WATCH: CFPB Acting Director Mulvaney to Testify Before Congress Today and Tomorrow
  • CFPB News: U.S. Watchdog Seeks Record Fine Against Wells Fargo for Abuses
  • Major Banking Group Sides With Senate in Dodd-Frank Overhaul
  • Bank Regulatory Actions Under Trump Fall to Historic Lows
  • Millennials Using Conventional Over FHA Hits All-Time High


MUST WATCH: CFPB Acting Director Mulvaney to Testify Before Congress Today and Tomorrow

TLTA | April 11, 2018
The Consumer Financial Protection Bureau's acting director Mick Mulvaney will testify before Congress today and tomorrow, delivering the bureau's semi-annual report. 
 
Included in the report are recommendations that Congress make statutory changes to the Dodd-Frank Act. These recommendations would impact the way the bureau functions:  
  1. Fund the bureau through Congressional appropriations.
  2. Require legislative approval of major bureau rules.
  3. Ensure that the director answers to the President in the exercise of executive authority.
  4. Create an independent inspector general for the bureau. 
Mulvaney will speak to the House Financial Services Committee today at 10 a.m. Eastern. Watch the hearing live »
 
On Thursday, he'll testify before the Senate's Banking, Housing, and Urban Affairs Committee at 10 a.m. Eastern. Watch the hearing live »
 
Read CFPB's semi-annual report »

CFPB News: U.S. Watchdog Seeks Record Fine Against Wells Fargo for Abuses

Reuters | April 9, 2018
The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co. that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans.
 
Read More »

Major Banking Group Sides With Senate in Dodd-Frank Overhaul

U.S. News and World Report | April 9, 2018
Leading banking groups called on House leaders Monday to accept Senate-passed legislation easing financial rules adopted after the 2008 economic crisis. The effort is designed to push lawmakers away from a showdown that could derail efforts aimed at revamping the law known as Dodd-Frank.
 
Read More »

Bank Regulatory Actions Under Trump Fall to Historic Lows

National Mortgage News | April 6, 2018
The issuance of financial regulations has dropped to a 40-year low, new data shows, a sign that the Trump administration is fulfilling its deregulatory agenda. Companies that track financial regulations started to see a slight drop in the volume of regulations last year with a major drop-off in issuances and revisions in the first quarter.

Read More »

Millennials Using Conventional Over FHA Hits All-Time High

HousingWire | April 5, 2018
An increasing share of millennials are now leaning toward conventional financing, rather than FHA, and even hit an all-time high in February, according to Ellie Mae’s Millennial Tracker.
 
Read More »

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