Compliance

The Consumer Financial Protection Bureau (CFPB) has charged Prospect Mortgage LLC with paying illegal kickbacks for mortgage business referrals and ordered it to pay a $3.5 million civil penalty
Another bill has been introduced into the U.S. Senate that challenges the current state of the Consumer Financial Protection Bureau (CFPB).   Sen. Mike Rounds (R-SD), a member of the Senate Banking Committee, introduced legislation to eliminate the CFPB’s funding stream from the Federal Reserve.... Keep Reading....
A federal jury in Seattle has found Zillow guilty of infringing on the copyrights of VHT Inc. and ordered the company to pay $8.3 million
A federal jury in Seattle has found Zillow guilty of infringing on the copyrights of VHT Inc. and ordered the company to pay $8.3 million.   According to a Seattle Times report, the jury verdict concludes a lawsuit filed in federal district court in 2015 by VHT, which claimed Zillow violated its... more
The Federal Reserve Board of Governors is becoming one person smaller: Daniel K. Tarullo submitted his resignation this afternoon, effective on or around April 5
The Federal Reserve Board of Governors is becoming one person smaller: Daniel K. Tarullo submitted his resignation this afternoon, effective on or around April 5.   Tarullo was appointed to the Board of Governors by President Barack Obama on Jan. 28, 2009, for an unexpired term ending Jan. 31, 2022... more
One of the nation’s most prominent housing economists is joining the Executive Branch in a crucial position
One of the nation’s most prominent housing economists is joining the Executive Branch in a crucial position.   According to a Politico report, Vice President Mike Pence has tapped Mark Calabria to be his chief economist. Calabria, who was director of financial regulation studies at the Cato... more
Earlier in the week, the Consumer Financial Protection Bureau (CFPB) issued its Monthly Complaint Report
Earlier in the week, the Consumer Financial Protection Bureau (CFPB) issued its Monthly Complaint Report, this time focusing on the mortgage industry. In issuing the report, the agency insisted that problems continue to exist between the mortgage world and homeowners and potential homebuyers.   “... more