Articles Tagged with ''CFPB''

Monday Morning Cup of Coffee: Senate set to vote on Trump’s CFPB nominee

Plus Amazon HQ2 killing affordable housing? And thoughts on "Monopoly for Millennials"
Last week, the biggest groups in housing called on the Senate to bring Kathy Kraninger's nomination to run the CFPB to a vote. And it looks like they're about to get their wish. Plus, did Amazon's HQ2 move kill more than 1,000 units of affordable housing? And, Monopoly for Millennials. Yes, it's real. And it's spectacular.
Read More

Housing industry pushes Senate to confirm Kathy Kraninger as next CFPB director

NAR, MBA, NAHB, NMHC, others throw support behind Trump nominee
Under Mick Mulvaney, the CFPB (or BCFP, depending on who you ask) has taken a much gentler approach toward the financial services industry. That tactic is likely to continue if the Trump administration’s choice as a permanent director, Kathy Kraninger, is ever confirmed by the Senate. And that’s just what the housing industry is now loudly calling for.
Read More

Hundreds of mortgage execs ask CFPB to change LO pay rules

MBA members push for loan officers compensation change
Almost 250 senior executives at some of the nation’s largest mortgage companies want the government to make changes to the rules surrounding how they’re allowed to pay their loan originators. Last week, the group of mortgage execs (organized by the Mortgage Bankers Association) sent a letter to the CFPB, calling on the bureau to change its Loan Originator Compensation rule.
Read More

CFPB requests investigation into Trump appointee’s controversial blog posts

Consumer groups call for resignation of Eric Blankenstein after racially insensitive comments emerge from his past
Eric Blankenstein says he regrets the racially charged comments he blogged in his 20s, but that’s not enough to satisfy his bosses at the Consumer Financial Protection Bureau. CFPB Acting Director Mick Mulvaney has asked an independent government watchdog to review the situation as a response to numerous calls for Blankenstein’s removal from his post as policy director.
Read More

Should you use home equity to delay Social Security?

The CFPB warned against it, but experts say it works
For some time, reverse mortgage lenders touted a strategy that involves obtaining a HECM early on in retirement in order to delay taking Social Security, therefore maximizing its benefit. But then the CFPB issued a warning against it. Now, retirement researchers and financial advisors say the strategy still has real merit, but suitability depends on a case-by-case basis.
Read More

Monday Morning Cup of Coffee: With Kavanaugh confirmed, will Supreme Court take aim at the CFPB?

New swing justice previously declared bureau unconstitutional
In case you’ve been living under a rock for the last few days (and if you have, good for you…but how’d you get out from under there???), the Supreme Court has a new justice and balance of power of the nation’s highest court just swung decidedly to the right. So, does that mean that the CFPB will soon have to argue for its structure or very existence before the Supreme Court? The new justice has already declared the bureau unconstitutional. Here's a look at what's next.
Read More

Judge tosses class action suit against Zillow

Rules Zillow did not defraud investors by not revealing CFPB investigation
A federal judge dismissed a securities fraud class action suit against Zillow on Tuesday. The suit alleged that the real estate giant defrauded investors by not disclosing that the CFPB was investigating its co-marking program for possible RESPA violations. But according to the judge, in the plaintiff’s attempt to prove that Zillow knowingly committed wrongdoing, they actually proved otherwise.
Read More