Deregulating the Financial Industry
Remember bank bailouts, foreclosures, market crash? Well, apparently not Trump administration.
The agency also announced that it was paring back requirements for the Home Mortgage Disclosure Act, which was put in place in 1975, and the authority to make rules related to the act was transferred to the CFPB via the Dodd-Frank Act. In 2015, the bureau set out to update what is known as Regulation C, the provision that governs how information on mortgages is collected, reported, and disclosed.
Just a reminder, a big issue was toxic derivatives where mortgage ownership could not be traced to an actual issuer of the loan. As a result, a number of people in good standing got foreclosed on, and some deadbeats managed to annul their mortgages via courts.