“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”

Ocwen Financial Corp.'s acquisition of PHH Corp. will help the nonbank servicer rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.

From accelerating its subservicing transformation to overcoming regulatory obstacles, here's a look at three reasons behind Ocwen Financial Corp.'s $360 million acquisition of PHH Corp.

So far, consumers have not had much voice in the discussion of a suitable replacement for the benchmark rate; lenders and servicers want to limit any harm, and their liability.

Democratic lawmakers are objecting to acting CFPB Director Mick Mulvaney's decision to strip the fair-lending office of enforcement powers.

Continuing to pull back the reins on the aggressive approach taken under former Director Richard Cordray, the agency's new five-year plan values consumer choice over heavy-handed enforcement.

A federal appeals court handed a major victory — and a significant defeat — to the CFPB by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions.

The decision by the appeals court means that a president can only fire the head of the Consumer Financial Protection Bureau for cause. But the ruling also scrapped the CFPB's massive fine against a nonbank mortgage lender.

The acting head of the Consumer Financial Protection Bureau can utilize "look-backs" of mortgage servicing and underwriting rules to push for significant changes.

Many in the industry applauded the Consumer Financial Protection Bureau's new mission statement shifting the agency's focus away from using enforcement actions as a substitute for rules of the road.