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Volume 30 - Number 5

March 11, 2019

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Kraninger to Focus on Prevention of Harm

Kathy Kraninger, now into her fourth month as CFPB director, seems to have adopted an industry-friendly approach at the agency, but she’s being less dramatic than her predecessor Mick Mulvaney.

Partisan Debates on CFPB Power, Clashes at Hearing

Republicans on the House Financial Services Committee in a hearing last week rebutted a proposed bill undoing changes made by former CFPB acting Director Mick Mulvaney.

Tiered Supervision of IMBs Advocated by Trade Groups

The CFPB should open up a policy discussion about a tiered supervision structure of smaller independent mortgage banks, according to industry trade groups.

CFPB Seeks Insight into PACE Financing

The CFPB has sought insight and opinion from market participants on origination and underwriting processes for Property Assessed Clean Energy financing as it prepares to under-take rulemaking.

Servicemembers Prefer VA Mortgages, Says CFPB

More first-time homebuyers in the military are using mortgages guaranteed by the Department of Veterans Affairs, a recent CFPB report shows.

Maxine Waters Asks CFPB Staff to ‘Expose’ Bad Bosses

In a letter to CFPB staff recently, Rep. Maxine Waters, D-CA, chairwoman of the House Financial Services Committee, urged employees to blow the whistle on agency leaders.

Lender Diversity, Inclusion Activities on CFPB’s Radar

The CFPB is calling upon financial institutions to submit a self-assessment of their diversity and inclusion activities, according to the law firm Ballard Spahr. “We recently learnt that several clients have received letters from the CFPB’s Office of Minority and Women Inclusion indicating that the bureau will be inviting them to submit a self-assessment of their diversity and inclusion policies and practices and requesting contact information for the individuals leading their D&I efforts,” attorney Dee Spagnuolo…

Kraninger’s First Lawsuit on CID, What Does it Mean?

The CFPB last month filed its first lawsuit under the leadership of Kathy Kraninger. Interestingly, the lawsuit seeks to enforce a 2017 civil investigative demand that was issued under former Director Richard Cordray. Industry stakeholders read it as a possible harbinger of a shift in the bureau’s enforcement actions from those of Kraninger’s predecessor Mick Mulvaney. …

Other News in Brief

CFPB to Hold Spring 2019 Advisory Committee Meetings; FTC Sends Annual Report to CFPB With ECOA Activities; Consumer Groups Seek CFPB Records on Eric Blankenstein; CFPB Warns of Widespread Elder Financial Abuse; CFPB Announces System for Prepaid Issuers to Submit Account Agreements.

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