In the fall of 2016, the Consumer Financial Protection Bureau came out with what was termed a “sea change” settlement action – a record $100 million civil penalty against Wells Fargo.
Less than two years later, the CFPB and OCC announced something 10 times stronger, a $1 billion settlement with the bank over violations of mandatory insurance related to auto loans and how it charged certain borrowers for mortgage interest rate-lock extensions.
What does a $1 billion penalty mean for regulatory compliance and risk management? RESPA News talked with Richard Horn, principal at Garris Horn PLLC, to find out.
Three days after Reuters published a report, citing three unnamed sources, that the Consumer Financial Protection Bureau was considering a $1 billion civil money penalty for Wells Fargo, acting director Mick Mulvaney told staff he was referring the leak for investigation.
In a memo to staff April 12, made available by the CFPB, Mulvaney said he was “extraordinarily concerned.”
Read on for more details from Mulvaney’s memo and how he feels the leaks are impact the reputation of the regulator.
The second act of Mick Mulvaney’s appearance before Congress representing the Consumer Financial Protection Bureau (CFPB) was supposed to be more fraught with fireworks than his appearance before the House Financial Services Committee a day earlier.
The anticipated showdown between Mulvaney and Sen. Elizabeth Warren (D-Mass.) on the Senate Banking Committee, as well as harsh criticism from other Senate Democrats, failed to live up to the billing.
Still, the headline of the day was Mulvaney’s rejection of the CFPB’s authority to create rules under its authority to protect against unfair, deceptive and abusive acts and practices. Read on for more details.
The National Settlement Services Summit (NS3) comes home to the Midwest for the 14th edition of the annual conference that brings all parties of the real estate transaction together in one place. The conference is slated for June 6-8 in Detroit at the Detroit Marriott at the Renaissance Center.
One thing that remains the same, though, is the ability for attendees to learn from top executives and companies representing the industry, with panels scheduled featuring leading underwriters, lenders and regulators.
Read on for more about the top-quality speakers set to pass along their insights in June.
The dispute over leadership at the Consumer Financial Protection Bureau has been going on for nearly five months since then-Director Richard Cordray’s resignation.
What hasn’t been in question since Nov. 24, 2017, is that Leandra English is employed as the deputy director.
Yet public statements and reports are bringing into question English’s role at the bureau since Cordray’s departure. Is she working? How has she not met acting director Mick Mulvaney? Read on for more.
A new report from Moody’s Analytics says the recent announcement by Bank of America that it will launch a digital mortgage platform is positive for the bank, in part because it helps narrow the gap between Bank of America and non-banks such as Quicken Loans, loanDepot.com and Guaranteed Rate Inc.
However, Moody’s cautioned that banks have seen a significant share of the mortgage market move to non-banks since 2008 as “a significant driver of the shift has been banks’ belief that through-the-cycle profitability in the mortgage business is modest.”
Read on for more insight from Moody’s on the future of digital marketing strategies among banks.
For the first time since the creation of the Consumer Financial Protection Bureau, a director besides Richard Cordray appeared before the House Financial Services Committee to fulfill the statutory requirement of reporting on the bureau’s semi-annual report to Congress.
Not everyone was so happy to see him, though. “Mr. Chairman, let me say at the outset that Mr. Mulvaney is not the acting director of the Consumer Financial Protection Bureau,” Rep. Maxine Waters (D-Calif.), ranking member of the committee, said in her opening remarks.
Read on for more from Mulvaney’s first trip to the Hill to represent the bureau.
As Mick Mulvaney prepares to appear before Congress for the first time in his role at the Consumer Financial Protection Bureau (CFPB), a group of trade associations led by the Consumer Bankers Association wrote to co-sponsors of a House bill which would create a five-person, bipartisan commission to lead the CFPB.
That would go against a recommendation that Mulvaney made to Congress in last week’s semi-annual report, which stated that Congress should create legislation ensuring “that the director answers to the president in the exercise of executive authority.”
Read on for more details from the report and the groups which back the bill.
Having gone through 10 requests for information (RFI) concerning Consumer Financial Protection Bureau (CFPB) regulations, supervision, enforcement and processes, the latest RFI looks to the bureau’s mission of financial education.
The RFI is the 11th in a sequence issued by acting director Mick Mulvaney and the comment period for it ends July 9.
Read on for details of the latest RFI, and what the CFPB hopes to learn about its work on financial education to date.
As Mick Mulvaney prepares for his first appearance before Congress since beginning work at the Consumer Financial Protection Bureau, he announced his intention to continue pushing for reforms at the bureau.
He did that first by citing four key legislative changes he believes Congress should make to the CFPB in the bureau’s semi-annual report to Congress. He followed that with a response letter to Sen. Elizabeth Warren (D-Mass.) in which he said the frustration the senator felt about the direction of the bureau was something Mulvaney himself experienced while he was a member of the House.
Read on for more from the acting director.
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