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10 05, 2023

Daily051023

2023-05-10T17:20:41-04:00May 10th, 2023|2- Daily Briefing, Uncategorized|

McHenry Seeks To Use Appropriations Denial As Legislative Weapon

In his letter to Appropriations Committee leadership late yesterday afternoon, HFSC Chairman McHenry (R-NC) not only highlights GOP budgetary issues, but also requests that the panel deny funding for further SEC action on new rules governing open-end funds, equity-market execution, and climate-risk disclosures.

CFPB Declares Unilaterally Reopened Deposit Accounts To Be UDAAP 

Continuing its and the Administration’s campaign against “junk fees,” the CFPB today issued a circular establishing that its UDAP authority may apply to banks that unilaterally reopen a deposit account to process debits or deposits after a consumer has closed it.

FHFA Concedes on DTIs, May Even Address LLPA Controversy

FHFA today retreated far more completely on its controversial March decision to retain an upfront fee related to a borrower’s debt-to-income level, now saying that it will postpone this requirement indefinitely pending views to be solicited via a forthcoming RFI.

Barr Lambasts Regulators as Democrats Press Targeted Change

At the HFSC Financial Institutions Subcommittee hearing today, Chairman Barr (R-KY) was scathing in his denunciation of reports from the Fed (see Client Report REFORM221) and FDIC (see Client Report REFORM222) on the failures and of what he called a “term paper” from the FDIC outlining deposit-insurance options (see Client Report DEPOSITINSURANCE119).

 

Daily051023.pdf

15 03, 2023

DAILY031523

2023-03-15T16:58:30-04:00March 15th, 2023|2- Daily Briefing|

Waters Reiterates ICE/BKI Opposition

HFSC Ranking Member Waters (D-CA) released a statement today applauding the FTC’s move to block Intercontinental Exchange from acquiring the mortgage software company Black Knight.

Progressives Press For Tailoring Redo

Cementing prior denouncements of 2018 Dodd-Frank “rollbacks” into legislative action, 17 Democratic senators and 31 House Members today took direct aim at Trump-era banking policy by introducing legislation that would repeal Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Bowman Presses Small-Bank Mergers, Climate Caution, Third-Party Guardrails

In remarks today, FRB Governor Bowman noted that delays in merger reviews cause significant operational and reputational risks and suggested considering all competitors when evaluating a small bank merger’s competitive effect to reduce delays.

New CFPB RFI Brings Data Brokers Under Scrutiny

Ahead of a planned rulemaking, the CFPB today released an RFI seeking comments on the business practices of data brokers, focusing on new business models to determine if certain practices fall under the scope of FCRA.

Warren, Blumenthal Call on DOJ, SEC to Investigate SVB

Although media reports indicate that an investigation is already under way, Sens. Warren (D-MA) and Blumenthal (D-CT) sent a letter today to Attorney General Garland and SEC Chairman Gensler urging them to investigate senior SVB officials if they are not already doing so.

FHFA Delays New DTI-Based Upfront Fee

Following an announcement this January that FHFA would implement changes to Fannie and Freddie’s single-family pricing framework, Director Thompson today announced that the Agency will delay the effective …

23 01, 2023

GSE-012323

2023-01-23T14:41:47-05:00January 23rd, 2023|4- GSE Activity Report|

The Fed’s Heavy Hand on Equitable Housing

Under Director Thompson, FHFA’s top policy priority is equitable housing.  However, a ground-breaking study from Fed staff shows that FHFA is swimming upstream when the Fed raises rates.  Combined with our own research showing that ultra-low rates also accelerate inequitable housing, the best FHFA can do to help lenders reach LMI borrowers is tread water – better than sinking, but still hard work getting pretty much nowhere.

GSE-012323.pdf

8 07, 2022

GSE-070822

2023-01-24T15:22:18-05:00July 8th, 2022|4- GSE Activity Report|

Affordable Housing is Even Harder Than You Thought

A new Fed staff note contains startling statistics on how much the housing market has changed in just a few months at grave cost to lower income households.  Although the study does not go on to draw policy conclusions, its findings make it clear that DTI underwriting tests are a significant barrier to home ownership clearly not ameliorated by the price-based QM standard.

GSE070822.PDF

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