Editor: David Reiss
Brooklyn Law School

April 28, 2015

Tuesday’s Regulatory & Legislative Round-Up

By Serenna McCloud

  • The House recently passed H.R. 4383 which would cap the budget of the  Consumer Financial Protection Bureau and mandate creation of a Small Business Advisory Board, this is essentially a budget cut despite the fact that The CFPB receives its funding as transfers from the Federal Reserve and is not part of the congressional appropriations process.
  • The Department of Housing and Urban Development has announced changes to the Distressed Asset Stabilization Program, DASP will now require a loan servicer to wait 1 year before commencing disclosure proceedings. The changes will also include strict compliance requirements and harsher penalties for non-compliance by servicers.
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