Law and regulation

Nonbanks hold a disproportionate percentage of the worst-rated loans, but banks hold a majority of the market, and risk management safeguards are largely untested, according to an interagency report on shared national credit.

Todd Zywicki, a law professor who has sharply criticized the CFPB as an unaccountable bureaucracy, has been named chair of an agency task force identifying potential conflicts and inconsistencies in consumer finance law.

The state has proposed a law to cap the interest rate on certain consumer loans, but nonbanks aim to skirt it by seeking a rent-a-charter.

Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates.

Alternative data "may improve the speed and accuracy of credit decisions and may help firms evaluate the creditworthiness of consumers," the agencies said.

The nonbank share of large mortgage servicing is growing, but smaller players tend to be depositories, the Consumer Financial Protection Bureau found in a new report aimed at examining regulatory impacts.

A proposal by a single utility threatens to upend California’s sweeping mandate requiring solar panels on almost every new home.

The housing finance industry supports a proposed rule revision that would exempt banks regulated by the Federal Deposit Insurance Corp. from an RMBS disclosure requirement.

The end of the qualified mortgage patch should further accelerate non-QM origination growth, but is the mortgage industry ready?

With the qualified mortgage patch expiring and a recession likely, wealth inequities that have hurt black and millennial homeownership could worsen, according to the National Association of Real Estate Brokers.