Potential impact of Financial CHOICE Act on mortgage industry

Financial Choice Act mortgagesOn May 4, 2017, the House Financial Services Committee moved the Financial CHOICE Act to the House floor with a 34-26 party-line vote. We anticipate that the House will approve the bill in the coming weeks, but clearing the Senate is more uncertain because Democratic support will be necessary.

While the bill is generally viewed as a long-shot to move through the Senate, Republican lawmakers remain optimistic about the bill’s prospects. In light of the potential for drastic changes to the regulatory and supervisory requirements imposed by the Dodd-Frank Act, we wanted to take a closer look at what the Financial CHOICE Act could mean for financial institutions – starting with the mortgage industry.

Why hasn’t Trump fired CFPB Director Cordray?

Why hasn't Trump fired Cordray?On April 17, 2017, Politico reported that top White House economic aide, Gary Cohn, recently met with CFPB Director Richard Cordray and delivered an ultimatum: Resign or face removal by President Trump.

According to the article, Cohn “had heard the rumors that Director Cordray wanted to run for governor in Ohio.” According to people familiar with the meeting, Cohn left the dinner thinking that those rumors were accurate. As a result, the White House opted to delay efforts to fire Cordray because the Trump Administration feared that ousting Cordray might “cause a sensation that could boost his candidacy and juice his fundraising.”