IG Report: FHFA Not Ensuring that Mortgage Servicers Tell Borrowers About Forbearance

The Federal Housing Finance Agency is doing nothing to ensure that mortgage servicers inform borrowers of federally backed mortgages that they have a right to forbearance as they deal with the economic impact of the coronavirus crisis, the agency’s Inspector General said this week. The agency has delegated responsibility for monitoring mortgage servicers to Fannie Mae and Freddie Mac, which reported that they are not ensuring compliance with the rule. In the report, the two agencies are referred to as “the enterprises.” “The Enterprises reported to us that they have not asked any servicer to demonstrate compliance with the CARES

NCUA Board Approves Final Field of Membership Rule at July Board Meeting

The National Credit Union Administration board on Thursday approved a final Field of Membership rule that had been delayed as a result of a lawsuit filed by the American Bankers Association.

The board unanimously agreed to allow a credit union to file an application to designate a Combined Statistical Area, or a contiguous portion of it, as a well-defined local community. To qualify, that area would be required to have a population of under 2.5 million people.

Sen. Warren Calls CFPB’s Kraninger a ‘Miserable Failure;’ Says She Should Resign

The Democratic senator who conceived of the Consumer Financial Protection Bureau more than ten years ago told CFPB Director Kathleen Kraninger that the agency is doing little to protect consumers during the pandemic.

“Your leadership has been a miserable failure based on your actions in this pandemic,” Sen. Elizabeth Warren (D-Mass.) told Kraninger during a Senate Banking Committee hearing on oversight of the agency. “You should resign.”

Schied Named NCUA Chief Financial Officer

Eugene Schied has been named chief financial officer of the National Credit Union Administration. Schied succeeds Rendell Jones, who was named the agency’s executive director earlier this year. “Eugene has nearly 20 years of senior financial and budget experience in the federal government,” NCUA Chairman Rodney Hood said. “He brings a wealth of experience and leadership to the position.” Schied previously served as the NCUA’s acting CFO and as the deputy chief CFO. Before joining the NCUA in March 2017 Schied held executive positions at several federal agencies; those positions include serving as the assistant director of administration at the

NCUA Nominee Hauptman Emerges Unscathed From Confirmation Hearing

With two nominations to the Securities and Exchange Commission garnering the most attention, National Credit Union Administration board nominee Kyle Hauptman faced little questioning during his confirmation hearing Tuesday before the Senate Banking Committee.

The only pointed criticism came from committee ranking Democrat Sherrod Brown of Ohio, who questioned Hauptman’s qualifications and experience.