Following the withdrawal of the long-awaited 2023 final rule revising Community Reinvestment Act (CRA) standards, financial institutions will experience no change in federal CRA standards. However, some states are working on tightening their own regulations. A panel of experts discusses the best practices in CRA benchmarking.
The Consumer Financial Protection Bureau filed an interim final rule that will rescind the 2021 final rule, “Protections for Borrowers Affected by the COVID-19 Emergency Under RESPA, Regulation X.”
The Federal Housing Administration’s (FHA) Office of Single Family Housing archived nearly 600 mortgagee letters that are no longer active in an effort to prevent confusion for those seeking accurate policy FHA single family information.
In response to the Office of Management and Budget’s request for information on deregulation, the Mortgage Bankers Association provided a list of rules at several agencies that it recommends be rescinded or revised. Among those it suggests be revised are RESPA Section 8 and Regulation X servicing rules.
Acting leadership at the Consumer Financial Protection Bureau announced a list of 39 guidance materials to be rescinded, including several applicable to mortgage originators and servicers.
A coalition of 19 state attorneys general submitted a comment letter opposing the Department of Housing and Urban Development’s interim final rule that would repeal a 2021 rule regarding the 2015 Affirmatively Furthering Fair Housing rule.
The Consumer Financial Protection Bureau said it will not prioritize oversight of “Buy Now, Pay Later” loan providers concerning the Truth in Lending Act and Regulation Z.
Treasury Secretary Scott Bessent announced President Trump intends to nominate Jonathan McKernan to a position at the Treasury. McKernan is awaiting Senate confirmation of Trump’s nomination of him to be director of the Consumer Financial Protection Bureau.
Rhode Island Attorney General Peter Neronha reached a $213,000 settlement with a national real estate management corporation, resolving claims that the company’s application and screening practices violated the state’s Unfair and Deceptive Practices Act and Fair Housing Practices Act as well as the federal Fair Housing Act.
The D.C. Circuit Court of Appeals directed the Consumer Financial Protection Bureau (CFPB) to continue to hold off implementation of a sweeping reduction in force (RIF) order, pending a ruling on the Trump administration’s appeal of a preliminary injunction resulting from a lawsuit filed in March over the RIF.
A former CFPB counsel shared his thoughts on what all this might mean for the future of the regulatory agency.
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