El repositorio es un recurso valioso que mejorará el proceso de adquisición de viviendas para prestatarios con Conocimientos Limitados del Inglés (LEP, por sus siglas en inglés) al hacer disponible en un mismo sitio toda la documentación en un mismo idioma, incluyendo traducciones de documentos de préstamos, glosarios, y otros materiales educacionales. El repositorio será de utilidad para prestamistas, asesores de vivienda, abogados, y otros ayudando a prestatarios con conocimientos limitados del inglés.
The CFPB is exceeding its authority under the law that created the agency and would set a dangerous precedent with its “disclosure sandbox” policy, its label for granting companies exemptions from disclosure rules. The CFPB would allow firms to obfuscate or eliminate important information in the name of “financial innovation,” a label often applied to defend practices in mortgage lending that led to the 2008 crisis.
“A coalition of 50 public interest groups today sharply criticized the Consumer Financial Protection Bureau’s proposal to gut important consumer-protection rules, especially for fintech companies, arguing the agency does not have the authority to create potentially unlimited exemptions from the very regulations that the CFPB is obligated to enforce.”
Mulvaney chose Blankenstein as the policy associate director for supervision, enforcement, and fair lending. Under Mulvaney the CFPB has restructured the main office for fair lending, expressed interest in moving away from a key legal test for fair lending, and curbed enforcement of rules on predatory lenders that often target communities of color.
The SEC’s proposed “Regulation Best Interest” is anything but, a plan for creating a veneer of investor protection that would fail to chase bad practices out of the industry that cost savers $40 billion per year. Many savers fall victim to brokers who steer them into investments that pay lucrative fees but don’t generate the best possible return for investors.
