In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.
A plan to bring in banks was created right after last summer’s hurricane devastation, but the magnitude of those storms, government dawdling on the issue and lenders’ reluctance to participate are key reasons zero loans have been made under the program.
TriStar Bank in Tennessee says a shortage of appraisers is slowing down its commercial real estate lending and raising the cost of appraisals. The claim has outraged appraisers, who argue that the bank is simply trying to avoid paying their fees.
House Speaker Paul Ryan's decision not to seek re-election is another sign of the difficulties Republicans will likely face in holding the chamber in November, heightening pressure to move a pending regulatory relief bill as soon as possible.
Critics argue that Community Reinvestment Act standards need to be more transparent, but creating more objective measures would require regulators to favor some types of loans over others.
The Consumer Financial Protection Bureau on Wednesday asked for public input on the way it receives and processes complaints from consumers in what the agency said was a preliminary step toward making improvements.
Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.
Proposal would lower capital requirements for some, raise them for others; Mulvaney says enforcement division will continue to police lending discrimination.
