A new legislative push to reconstruct the leadership of the Consumer Financial Protection Bureau (CFPB) in to a five-person commission has received strong support from leading financial services and business trade groups.
The proposed legislation–HR 1226, introduced by Rep. Randy Neugebauer (R-TX), chairman of the House Financial Institutions and Consumer Credit Subcommittee–would rename the CFPB as the Financial Product Safety Commission and would replace the Bureau’s director with a presidentially appointed five-member commission serving five-year terms. The initial commission members would serve on staggered terms to enable a scheduled turnover that prevents the White House from packing the commission in a single sweep of appointments. The commission’s chairman would also be a presidential appointment.
KEEP READING …
Big Banks Pass Muster in Latest Stress Tests
The New York Times | March 5, 2015
The nation’s largest banks appear to have the financial strength to survive a nightmarish world where unemployment soars, house prices plummet and Wall Street crashes, the Federal Reserve said on Thursday.
FHFA Director Says HARP Can’t Last Forever
M Report | March 5, 2015
Federal Housing Finance Agency Director Mel Watt said the FHFA would not continue renewing programs like the Home Affordable Refinance Program without an end, even if the program is extended again before its December expiration date.
Massachusetts Court of Appeals Upholds MERS Rights
HousingWire | March 5, 2015
MERSCORP’s rights as mortgagee have come under fire in many courtrooms throughout the U.S., but a decision from the Massachusetts Court of Appeals reinforces the company’s right to assign a mortgage.
Mortgage Rates Tick Down This Week
The Washington Post | March 5, 2015
The 30-year fixed-rate average decreased for the first time in four weeks to 3.75 percent with an average 0.6 point. It was 3.8 percent a week ago and 4.28 percent a year ago.