Dear Readers,
Goodbye, 2020.
We can all breathe a collective sigh of relief that 2021 — along with
COVID-19 vaccines — are upon us at last.
Meanwhile, the industry is closely watching what happens during the final
days of the Trump administration.
Perhaps most notable is on Dec. 7, the Consumer Financial Protection
Bureau (CFPB) announced its second RESPA enforcement action of the
year.The CFPB’s action against Nationstar Mortgage — the largest non-bank
mortgage servicer in the country –— was years in the making. However,
in this month’s cover story, Mayer Brown Partner Ori Lev, a former
bureau deputy enforcement director for litigation, told us the action is a
sign mortgage servicing is likely to be a continued focus of the CFPB —
especially in light of COVID-related issues.
Meanwhile, President-elect Joe Biden has already announced
Congresswoman Marcia Fudge as his nomination to be the new Housing
and Urban Development secretary. Fudge, who has represented Ohio’s 11th
Congressional District for the last 12 years and served as past chair of the
Congressional Black Caucus, will likely face little hurdles being confirmed
by the Senate.
As of press time, Biden had not announced any names being considered to
replace CFPB Director Kathy Kraninger.
It seems like just yesterday I was writing about Kraninger — whose fiveyear
term expires at the end of 2023 — being confirmed. However, thanks
to the Supreme Court’s decision last summer in Seila Law v. CFPB finding
the agency’s for-cause only removal provision unconstitutional, it would
be shocking if Kraninger remains at the helm for much longer despite her
relatively moderate reputation compared to her predecessors on both sides
of the aisle.
Then again, if 2020 has taught us anything, it’s that anything can happen. I
hope you enjoy this month’s issue.
Happy New Year,
Tracey Read
Editor