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House revokes new CFPB arbitration rule Passes vote 231-190 on Tuesday

House revokes new CFPB arbitration rule Passes vote 231-190 on Tuesday

July 25, 2017/ Brena Swanson/The U.S. House of Representatives passed a “resolution of disapproval” to revoke a controversial new rule by the Consumer Financial Protection Bureau that bans companies from using mandatory arbitration clauses.The House voted 231-190 on Tuesday, using authority provided under the Congressional Review Act to block the rule.Under the Congressional Review Act, Congress may overturn a broad range of regulatory rules issued by federal agen...
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CFPB ignores request from OCC to postpone arbitration rule Arbitration rule set to publish in Federal Register this week-Arbitration rule set to publish in Federal Register this week

CFPB ignores request from OCC to postpone arbitration rule Arbitration rule set to publish in Federal Register this week-Arbitration rule set to publish in Federal Register this week

July 18, 2017- Brena Swanson-Despite a heated exchange of letters between the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency asking for the delay of the newly announced arbitration rule, the rule will carry on as planned and be published in the Federal Register this week.The issue dates back to earlier this month when the CFPB revealed its new rule to ban companies from using mandatory arbitration clauses, allow...
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Industry responds to updated TRID rule MBA, NAFCU, NAR weigh in on updates

Industry responds to updated TRID rule MBA, NAFCU, NAR weigh in on updates

July 7, 2017- Brena Swanson-After much anticipation, industry associations weighed in on the Consumer Financial Protection Bureau’s finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule.The new updates, after all, were meant to answer cries from the same associations for more clarity and certainty around TRID.Up until this finalized update, the industry was continuously told that exa...
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New home sales up almost 3 per cent last month

New home sales up almost 3 per cent last month

by Steve Randall- 26 Jun 2017- Sales of newly-built single-family homes increased to a seasonally-adjusted annual rate of 610,000 units in May, up 2.9%.Data from the HUD and US Census Bureau reveals that the sales increase was driven by a 13.3% rise in the West with the South gaining by 6.2%. Sales in the Midwest were down by 25.7% while the Northeast saw a 10.8% drop.America’s home builders remain confident that the market remains strong, despite challenges of shortages in labor and ...
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Housing industry's largest trade groups want CFPB director replaced by bipartisan commission MBA, NAR, ALTA, ABA, NAFCU, others ask Congress for changes to CFPB

Housing industry's largest trade groups want CFPB director replaced by bipartisan commission MBA, NAR, ALTA, ABA, NAFCU, others ask Congress for changes to CFPB

June 22, 2017- By Ben Lane-More than 20 of the housing industry’s largest trade groups are calling on Congress to enact legislation that would change the leadership structure of the Consumer Financial Protection Bureau from a single director to a bipartisan commission.The CFPB’s concentration of power at the director position has long been a source of contention for the opponents of the CFPB.Recently, the House of Representatives voted to pass the Republican-...
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Elizabeth Warren demands removal of a dozen Wells Fargo board members

Elizabeth Warren demands removal of a dozen Wells Fargo board members

by Ryan Smith20 Jun 2017-Sen. Elizabeth Warren wants a dozen of Wells Fargo’s board members to be booted from the company as punishment for the bank’s massive fake-accounts scandal last year. The bank has already paid $150 million in fines to regulators, agreed to pay at least $142 million to affected consumers, and ousted its CEO over the scandal. But 12 of the bank’s 15 board members served during the period, from 2011 to 2015, when Wells Fargo employees were opening mil...
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US housing market has returned to normal say academics

US housing market has returned to normal say academics

by Steve Randall19 Jun 2017-It’s been a year since the start of the Great Recession but it appears that the slow recovery of the US housing market is almost complete.Most markets have returned to normal according to an analysis by the Joint Center for Housing Studies of Harvard University.Its State of the Nation’s Housing report shows that housing demand and prices are rising along with residential construction and the number of distressed homeowners has fallen sharply.However, it&rs...
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