• November 27, 2017

    The White House announced last week that Mick Mulvaney, the Director of the Office of Management and Budget (OMB), will serve as acting Director of the Consumer Financial Protection Bureau (CFPB) until a permanent candidate is nominated and confirmed by the Senate. Mulvaney replaces Richard Cordray, who stepped down as CFPB Director on Friday.

  • November 17, 2017

    A bipartisan group of Senators, including Banking Committee Chair Mike Crapo (R-ID), released yesterday the text of draft legislation reforming various federal financial regulations. The bill, titled the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” S. 2155, contains a number of changes to federal mortgage rules and also allows Hardest Hit Fund (HHF) program grantees to use their funds for lead and asbestos removal. A section-by-section summary of the bill can be viewed here.

  • November 15, 2017

    Richard Cordray announced earlier today that he will step down as director of the Consumer Financial Protection Bureau (CFPB) by the end of this month. Cordray’s term was scheduled to end in mid-2018.

  • July 10, 2017

    The Consumer Financial Protection Bureau (CFPB) late last week released a final rule that implements several NCSHA-requested changes to its TILA-RESPA Integrated Disclosure Rule (TRID), including two provisions that will make it easier for lenders to participate in HFA down payment assistance programs by exempting more such programs from onerous and complicated disclosure requirements.

  • June 16, 2017

    The U.S. Department of Treasury earlier this week released a comprehensive review of federal financial regulations. The review also proposes a number of regulatory changes impacting the financial sector, including housing lending and public finance. Treasury also released a fact sheet summarizing the review’s findings.

  • June 9, 2017
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    The U.S. House of Representatives yesterday passed legislation, the Financial CHOICE Act (H.R. 10), that would repeal and replace many provisions of the Dodd-Frank Wall Street Reform Act. The bill passed on a largely party-line vote of 233-186, with all but one Republican voting in support and all Democrats opposed.

  • June 2, 2017

    The Consumer Financial Protection Bureau (CFPB) yesterday published a notice in the Federal Register announcing that CFPB will be conducting an assessment of its Ability-to-Repay/Qualified Mortgage rule (ATR-QM). The Notice seeks public input on CFPB’s plans for the assessment and recommendations for improving it.

  • May 5, 2017

    The House Financial Services Committee yesterday favorably reported the Financial Choice Act (The CHOICE Act, H.R. 10), which would repeal and replace a number of provisions of the Dodd-Frank Wall Street Reform Act. The bill includes several provisions that could impact the rules governing HFA lending programs and ways of financing them.

  • April 21, 2017
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    House Financial Services Committee Chair Jeb Hensalring (R-TX) released on April 19 a discussion draft of comprehensive financial regulatory reform legislation he intends to introduce soon. The Committee has scheduled a hearing on this legislation, titled the CHOICE Act, for April 26 at 10:00 a.m. Eastern time. Hensarling introduced similar legislation last Congress.

  • April 13, 2017

    House Financial Services Committee Chair Jeb Hensarling (R-TX) earlier this week released a chart outlining several new provisions he intends to include in comprehensive financial reform legislation (The CHOICE Act) that he plans to introduce by the end of the month. The chart highlights areas of the new bill that will differ from similar legislation Hensarling introduced last Congress.