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:
- Fund the bureau through Congressional appropriations.
- Require legislative approval of major bureau rules.
- Ensure that the director answers to the President in the exercise of executive authority.
- 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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