Publication

The concept of storytelling often is viewed through a somewhat whimsical lens. However, in the context of Home Mortgage Disclosure Act (HMDA) compliance, it is viewed through in a much more serious light.

WASHINGTON — The Consumer Bankers Association on Wednesday asked lawmakers to rein in regulations that were meant to prevent robocalls but that the group says have inadvertently captured legitimate calls, too.

The letter, sent to the Senate Commerce Committee, was in response to a hearing Wednesday in which federal regulators testified on how to stop rampant illegal robocalling. Complaints about robocalls quadrupled from 2009 to 2017, averaging 400,000 complaints a month, according to the Federal Trade Commission.

The Senate voted Wednesday 51-47 to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers.

The Congressional Review Act resolution passed with the support of a single Democrat, Sen. Joe Manchin of West Virginia, while some key Republicans, including Sen. John McCain of Arizona, missed the vote.

WASHINGTON — Bank regulators are gearing up to modernize their policy on Community Reinvestment Act enforcement, but the CRA reform effort appeared to benefit from a jump-start Tuesday thanks to the Treasury Department.

Industry representatives, analysts and consumer advocates all praised the Treasury report recommending a slew of CRA reforms that could serve as a jumping off point for regulators that seemed poised for another attempt at updating their decades-old policy.

WASHINGTON — In his first report to Congress as the acting director of the Consumer Financial Protection Bureau, Mick Mulvaney called on lawmakers on Monday to cripple the agency that he has been temporarily tasked with overseeing.

The Consumer Financial Protection Bureau released its annual report on Monday, and it includes four legislative policy recommendations that would erode the agency’s independence and make it more beholden to political institutions.

The Trump administration kicked off plans to revamp lending rules in lower-income communities with a proposal that would make it easier for banks to comply with a decades-old law that has long confounded the industry.

A bipartisan group of two Democrats and two Republicans in the House of Representatives introduced a bill yesterday that would replace the single director of the Consumer Financial Protection Bureau with a five-person commission.