Title XIV

The Consumer Financial Protection Bureau recently announced its efforts to provide relief to consumers victimized by an illegal student loan debt-relief operation. Learn more about this matter, as well as what new information the Federal Deposit Insurance Corp. has to share in its latest update on the ongoing independent investigation into its workplace culture, along with news from the Federal Housing Finance Agency and the Federal Reserve. Read on »

Five years after being named the defendant in a class-action discrimination lawsuit, the Consumer Financial Protection Bureau recently agreed to a proposed $6 million settlement with 85 employees who claim the bureau showed preferential treatment toward white and male employees to the detriment of their coworkers who are minorities and/or women.

When these employees complained about unfair treatment, they faced retaliation from management, according to official case filings.

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Numerous financial trade associations wrote Federal Housing Finance Agency (FHFA) Director Mark Calabria to stress the urgency of publishing a new regulatory capital rule for Fannie Mae and Freddie Mac in the Federal Register.

The trades cited several possible economic and political ramifications that could negate progress toward finalizing a rule to recapitalize the government-sponsored enterprises.

Find out more about the specific concerns expressed in the letter.

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The latest milestone reached by Fannie Mae and Freddie Mac in the process of implementing their new redesigned Uniform Residential Loan Application (URLA) and updated automated underwriting systems (AUS) is one that offers clarity on future steps in the implementation process itself.

The government-sponsored enterprises published a timeline, setting dates for the next major milestones in testing and integrating the new standards into the loan production process prior to the mandatory compliance date for exclusive use of the new URLA and AUS specifications.

Get more details about key dates to circle in 2020.

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FHA Commissioner Brian Montgomery recently addressed attendees at the Mortgage Bankers Association Annual Convention with more details on the news of an agreement between the Department of Housing and Urban Development and the Justice Department concerning the use of the False Claims Act in determining violations by FHA lenders.

Montgomery also touched on the impact of the GSE Patch expiration, progress on modernizing the agency’s technology, and a new social media way to connect with FHA.

Read on for more details from the commissioner’s presentation.

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In light of newly agreed upon plans to recapitalize Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) is going back to the drawing board with capital requirements for the government-sponsored enterprises (GSEs).

The agency announced that it will scrap its 2018 capital rule proposal and issue a new one at some point in 2020.

Learn more details about the agency’s reasoning in taking such a step.

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Revealing that the agency’s Mutual Mortgage Insurance Fund reached a 12-year high for Fiscal Year 2019, the Federal Housing Administration instilled optimism in the mortgage industry with its Annual Report to Congress.

The report also highlights continued improvements in the struggling reverse mortgage marketplace and an increase in the small percentage of mortgages with multiple “extreme risk” factors.  

Find out what regulatory and trade leaders are saying about the report’s findings.

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The Federal Housing Finance Agency is seeking public input on practices used to form “To-Be-Announced” (TBA)-eligible Uniform Mortgage-Backed Securities (UMBS). 

Specifically, the agency also is soliciting feedback about the government-sponsored enterprises’ oversight of UMBS prepayment speeds and alignment and other policies and practices that might affect UMBS fungibility.

Find out more about the agency’s new request of feedback.

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The Federal Housing Finance Agency (FHFA) took another step toward its goal of ending the conservatorship of Fannie Mae and Freddie Mac with Mark Calabria’s announcement that such a goal was built into the agency’s newly finalized 2020 Scorecard and Strategic Plan for the government-sponsored enterprises (GSEs) at the Mortgage Bankers Association’s 2019 Annual Convention.

Stressing how critical raising capital is to releasing the GSEs from conservatorship and that FHFA is not forecasting a downturn, he explained that time is of the essence to get that done before the economy becomes less favorable. 

Learn more details revealed by the director during the event.

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The federal financial regulatory environment has undergone some dramatic shifts under the leadership of Trump administration appointees. Even the savviest professionals could use the guidance of a couple of well-versed experts to interpret what these changes mean for their compliance priorities.

Dodd Frank Update’s “Regulatory and CFPB Update” webinar features insight from former Consumer Financial Protection Bureau (CFPB) attorney Richard Horn of Garris Horn Legal PLLC and is moderated by Mortgage Cadence Vice President of Marketing and Chief Storyteller Pamela Hermann.

Get more information on how to access the valuable insight contained in this webinar.

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