May 23, 2018
In This Issue:
- Here's What You Need to Know About Texas' Primary Runoff Results
- House Passes Dodd-Frank Reform Bill, Approval Now Pending from President Trump
- Mulvaney Promises to End CFPB "Regulation by Enforcement'
- CFPB Updates TRID Guides for Forms and Small Entity Compliance
- Why Is Hensarling Calling for Action Against Fannie?
- Too Big to Fix: No One Can Figure Out What to Do With Fannie and Freddie
Here's What You Need to Know about Texas' Primary Runoff Results
Texas Tribune | May 23, 2018
A tiny fraction of Texas registered voters had an outsized impact on the May 22 runoffs. Here’s a look at what you need to know about Tuesday night’s election returns — and what they mean for the November general election...
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House Passes Dodd-Frank Reform Bill, Approval Now Pending From President Trump
HousingWire | May 23, 2018
On Tuesday afternoon, the House of Representatives passed S. 2155, also known as the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill rolls back reforms from the 2010 Dodd-Frank Act.
The bill cleared the Senate in March and was sent back to the House for approval. This was the bill’s final passage. Now the bill heads to President Donald Trump’s desk to be approved.
(NOTE: The TRID simultaneous issue fix was not included in this legislation.)
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Mulvaney Promises to End CFPB 'Regulation by Enforcement'
MPA | May 18, 2018
The acting director of the Consumer Financial Protection Bureau says there are going to be some changes to the way the agency regulates.
In a keynote speech at the annual legislative meeting and trade expo of the National Association of Realtors, Acting CFPB Director Mick Mulvaney said that the bureau would no longer practice what he called “regulation by enforcement.”
“The regulation by enforcement answer is really simple – we aren’t doing it anymore,” Mulvaney said. “It’s a fairness issue. If you’ve done something for so long and the government wants to change the rules, shouldn’t the government have to tell you they are changing the rules before they fine you?”
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CFPB Updates TRID Guides for Forms and Small Entity Compliance
ALTA | May 17, 2018
To support implementation of the recently issued 2018 TILA-RESPA Integrated Disclosure (TRID) rule on May 15, the Consumer Financial Protection Bureau (CFPB) published updates to both versions of the Small Entity Compliance Guides (versions 4.1 and 5.2) and Guides to Forms (versions 1.5 and versions 2.1).
Due to the optional compliance period, which ends Oct. 1, the bureau has kept an old version and new version of each guide to provide implementation support during the optional compliance period.
However, the CFPB has updated all versions for the finalized 2018 TRID rule, which is effective before the optional compliance period is over and would apply whether or not you are choosing to comply early with the 2017 rule.
Review the Updated Guides »
Why Is Hensarling Calling for Action Against Fannie
MReport | May 18, 2018
Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, said on Friday that the committee would be launching a full investigation into recent allegations in a Bloomberg report that high-ranking Fannie Mae employees were intentionally violating their government prohibition on lobbying.
Hensarling said that if the media report was true, this violation was “more than an outrage, it is a direct affront on taxpayers and the current structure of the federally-backed conservatorship that has allowed Fannie Mae to operate for the last decade.” Fannie Mae received a bailout of more than $120 billion during the financial crisis.
“As a condition of receiving those funds, Fannie Mae was explicitly prohibited from engaging in ‘all political activities—including all lobbying,’ a prohibition which it is now being reported Fannie has deliberately violated,” Hensarling said.
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Too Big to Fix: No One Can Figure Out What to Do With Fannie and Freddie
Bloomberg | May 22, 2018
Will anyone ever fix Fannie Mae and Freddie Mac?
When the two mortgage giants were taken under federal control a decade ago -- the same year Donald Trump kicked off the first season of Celebrity Apprentice -- regulators saw the move as a short timeout.
Last month, Trump’s administration effectively acknowledged that it’s no closer to figuring out what to do with Fannie and Freddie. Treasury Secretary Steven Mnuchin said there’ll likely be no end to federal control during this Congress. In the meantime, the duo has only become more crucial to America’s booming-again housing market, standing behind about $5 trillion of loans.
Trump’s team hasn’t decided how to restructure the companies -- or even who should do it, the White House or Congress. It’s still in the earliest stages of figuring out what a new housing-finance system should look like, according to interviews with officials inside and outside the administration. Some of them likened the process to Groundhog Day.
Read More »
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