Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution payments consumers received due to nonpublic supervisory activities during this period-plus the approximately $1.15 million in consumer remediation and $1.75 million in civil monetary penalties resulting from public enforcement actions that grew out of or were bolstered by CFPB examinations.… Continue Reading
The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry
On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor. The Act seeks to rollback or modify many of the regulatory and supervisory requirements imposed by the Dodd-Frank Act.… Continue Reading
CFPB Mortgage Origination Examination Procedures: a level playing field?
Since this is my first post to the CFPB Monitor, I would like to begin with a few words of introduction. My name is John Socknat and I am one of the practice leaders of Ballard Spahr’s new Mortgage Banking Group. The Group’s attorneys have decades of experience in the mortgage industry—advising clients, handling transactions and due diligence, defending enforcement actions and providing a full range of legal services.… Continue Reading