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Posted Date: Friday, October 1, 2021
Many industry experts believe the Consumer Financial Protection Bureau will adopt a more activist role under new Director Rohit Chopra, who was instrumental in the bureau’s creation following the 2010 passage of the Dodd-Frank Act.
Chopra is a former Federal Trade Commission commissioner who is closely aligned with Sen. Elizabeth Warren and who served as the bureau’s first student loan ombudsman.
Our story on Chopra’s confirmation is available to all readers.
Governmental Affairs, Industry News
Posted Date: Monday, November 30, 2020
In an amended complaint, the Consumer Financial Protection Bureau alleges the owner of
a
small Chicago mortgage company has fraudulently transferred more than $2 million dollars from company accounts into his own.
Attorneys for Townstone Financial Inc.’s Barry Sturner said they are puzzled by the bureau’s amended complaint and reiterated their opinion that the enforcement action is an overreach.
Read on for more details.
Governmental Affairs, Industry News
Posted Date: Wednesday, March 18, 2020
The American Land Title Association (ALTA) has joined with the Mortgage Bankers Association, the National Association of Realtors and others in urging Congress to pass legislation authorizing the nationwide use of remote online notary (RON).
Some states have passed legislation enabling RON. However, the issue hasn’t gained traction in many states.
Read on for more details about the proposed legislation.
Governmental Affairs, Industry News
Posted Date: Tuesday, March 17, 2020
The Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans of up to $2 million to small businesses suffering substantial economic injury as a result of the coronavirus.
SBA Administrator Jovita Carranza his agency also will assist small businesses with counseling and navigating preparedness plans through its district offices and resource partners.
Read on for more details.
Governmental Affairs, Industry News
Posted Date: Tuesday, March 19, 2019
The U.S. Department of Labor has proposed changes to federal overtime rules that would make more than a million more Americans eligible for overtime pay.
The department’s last attempt in 2016 to boost the salary threshold to make more Americans eligible for overtime was blocked by the courts.
Read on to learn the new guidelines the department is proposing.
Governmental Affairs, Industry News
Posted Date: Friday, January 25, 2019
President Donald Trump and Republicans on Friday reached a temporary deal with Democrats to end the longest government shutdown in the country’s history.
The continuing resolution will run through Feb. 15, with a bipartisan committee meeting over the next three weeks with Homeland Security and law enforcement experts to come to a deal on funding for border security.
Read on to learn what the president is requesting to avoid another shutdown in February.
Governmental Affairs
Posted Date: Monday, January 21, 2019
Consumer Financial Protection Bureau Director Kathy Kraninger has assured a Republican senator that the bureau will examine concerns regarding Dodd Frank’s TILA-RESPA Integrated Disclosure rule (TRID).
The American Land Title Association and others have urged the bureau to address what they call the inaccurate disclosure of title insurance fees under TRID.
Read on to learn more of what Kraninger had to say about TRID.
Governmental Affairs, Industry News
Posted Date: Wednesday, January 9, 2019
A new report from Zillow said the shutdown of the federal government will have a wide-ranging effect on the housing market, as unpaid workers struggle to pay mortgages and rent.
According to the report, the unpaid federal workers make about $249 million in monthly mortgage payments, and about $189 million in monthly rent payments.
Read on for more detail from Zillow’s research.
Governmental Affairs, Industry News
Posted Date: Wednesday, November 14, 2018
With the midterm elections mostly in the rearview mirror, and Republicans in firm control of the U.S. Senate, the National Association of Realtors (NAR) and other industry groups are urging the confirmation of Kathy Kraninger as director of Consumer Financial Protection Bureau.
In a letter to the Senate Committee on Banking, Housing, and Urban Affairs, NAR and more than 20 other groups said Kraninger would be an asset to the bureau and Congress.
Read on for more details.
Governmental Affairs, Industry News
Posted Date: Thursday, August 9, 2018
The Consumer Financial Protection Bureau is collaborating with other financial regulators and related organizations to create the Global Financial Innovation Network (GFIN).
The GFIN will seek to provide more efficient ways for innovative firms to interact with regulators, and to help them navigate between countries as they look to scale new ideas.
Read on for more details about the collaborative and how you can provide feedback for its mission statement.
Governmental Affairs