On October 18, 2019 the Supreme Court granted certiorari in Seila Law v. Consumer Financial Protection Bureau (CFPB). SCOTUS will answer the question of “whether the substantial executive authority yielded by the CFPB, an independent agency led by a single director, violates the separation of powers,” and the Justices requested that the parties brief and argue an additional issue: “If the Consumer Financial Protection Bureau is found unconstitutional on the basis of the separation of powers, can 12 U.S.C. § 5491(c)(3) [the for-cause removal provision] be severed from the Dodd-Frank Act?”
In addressing the innovation gap that exists between credit unions and their larger financial institution (FI) brethren, credit unions (CUs) may be perceived to be at a disadvantage, at least when it comes to dollars. At first glance, that gap may seem insurmountable in the age of mobile banking, where technology is a vital component of financial services. The bigger the IT budget, it would seem, the more can be spent on bringing innovation to market that grabs consumers’ minds and wallets.
The Consumer Financial Protection Bureau revealed recently that it is considering making changes to the Loan Originator Compensation rule. Late last week, the CFPB released its semiannual regulatory agenda, which stated that the bureau is considering a rulemaking to “address certain concerns” about the LO Comp rule. According to the bureau, it has received feedback that parts of the LO Comp rule are “unnecessarily restrictive,” and is considering making some changes to address those concerns.
WASHINGTON (AP) — U.S. home prices increased modestly in September from a year ago, as roughly seven years of rising home values have hurt affordability. The S&P CoreLogic Case-Shiller 20-city home price index rose 2.1% in September from a year ago, up from a 2% annual gain in August, according to a Tuesday report. “For many buyers, the fall housing market provides several challenges and opportunities,” said George Ratiu, senior economist at realtor.com. “While lower financing costs and a rising number of new homes are welcome signs in a market parched for inventory, prices are still climbing and the number of existing houses in the affordable price range is down by double-digits.”