Paul Volcker, the former chairman of the Federal Reserve, once quipped that the ATM was “the only useful innovation in banking for the past 20 years.” Today's regulators, especially ones taken with the new fintech industry, would do well to remember that new doesn't necessarily mean better for most people. Foreclosure News
An ethics watchdog is calling for an investigation into acting Consumer Financial Protection Bureau Director Mick Mulvaney for allegedly misleading Congress about a foreclosure on an investment property he owns in South Carolina. Citizens for Responsibility and Ethics in Washington on Monday asked the Federal Reserve's inspector general to investigate whether Mulvaney misled the Senate […]
ABA Journal Daily News
“In certain circumstances, we will require specific and credible plans on how their information technology systems will be upgraded,” says CFPB Director Richard Cordray. The Consumer Financial Protection Bureau will require underperforming servicers to document the technology and process changes used to implement the agency's recently released servicing regulations. Foreclosure News