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Since the creation of the Consumer Financial Protection Bureau and the passing of the 2010’s Dodd-Frank Act, real estate professionals have seen large multimillion dollar enforcement actions as well an industry-wide increase in compliance costs. Small banks have complained that restrictive regulations intended for large financial institutions have made it harder for them to lend. At the same time, banks both large and small have experienced greater costs per borrower, removing an incentive to lend – undercutting the banks’ primary raison d’être (reason for existence).
With enforcement actions from the Consumer Financial Protection Bureau seeming to increase year after year, many industry observers are hopeful that the new administration will ease the burden of regulations. President Trump has said that deregulation will be one of his primary engines for growth. Though appointees will be able to influence financial policy, the President will face opposition.
CFPB Enforcement Actions
The Consumer Financial Protection Bureau enacted twice as many enforcement actions in 2015 as 2014, resulting in 59 settlements and 11 lawsuits. 2016 was also a busy year for the agency. Already, in 2017, the CFPB is “requiring CitiMortgage to pay an estimated $17 million to compensate wronged consumers, and pay a civil penalty of $3 million; and requiring CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million.”
Getting Rid of the CFPB? Not so Fast
Although a recent court ruling found the leadership structure of the Consumer Financial Protection Bureau unconstitutional, Richard Cordray still sits at the helm of the bureau. He stated that having a new boss in the White House “really shouldn’t change the job at all” and that the bureau should retain a “steady and vigorous” pace with regard to regulation.
Stay Compliant with Certified Title
Certified Title is an attorney owned and operated enterprise committed to mitigating the risk of real estate transactions, increasing transparency, and streamlining closings. We hold an ALTA Best Practices Compliance Certification, an exemplar of our commitment to industry best practices and proof that our title insurance and settlement practices have been reviewed.
If you need nationwide Title Insurance, Search or Settlement Services, look no further than Certified Title. Contact us at (888) 486-5511 for more information.