Pending case could determine fate of CFPB | BofA's Moynihan: Reducing down payments could spur bank mortgage lending | Lawmakers hear conflicting testimony on fiduciary rule
May 19, 2017
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Pending case could determine fate of CFPB
Oral arguments for an appeals case that could determine the framework and fate of the Consumer Financial Protection Bureau are scheduled for May 24. A ruling upholding a previous court's finding that the agency's single directorship is unconstitutional could remove the CFPB's authority to issue rulings, but the court could also decide the case on the real estate charges against mortgage lender PHH alone, invoking the doctrine of constitutional avoidance.
Reuters (5/18) 
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Industry News
BofA's Moynihan: Reducing down payments could spur bank mortgage lending
BofA's Moynihan: Reducing down payments could spur bank mortgage lending
Moynihan (Justin Sullivan/Getty Images)
Easing the stringent mortgage underwriting standards by lowering down payments to 10% from 20% would allow banks to lend money to more prospective homebuyers, Bank of America CEO Brian Moynihan told CNBC. "It wouldn't introduce that much risk but would actually help a lot of mortgages get done," he said.
Reuters (5/18) 
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Legislative Affairs
Lawmakers hear conflicting testimony on fiduciary rule
Critics and supporters of the Labor Department's fiduciary rule stood by their opposing views on the measure during a hearing of a subcommittee of the House Education and Workforce Committee. Bradford Campbell, a partner at Drinker Biddle & Reath, said an Investment Company Institute survey provided evidence of the harm the rule will cause, while Micah Hauptman, financial-services counsel at the Consumer Federation of America, said the institute didn't provide any facts to support its claims.
InvestmentNews (tiered subscription model) (5/18),  ThinkAdvisor (free registration) (5/18) 
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Mnuchin expects Fannie, Freddie to keep paying dividends
Treasury Secretary Steven Mnuchin expects Fannie Mae and Freddie Mac to continue making dividend payments to the Treasury Department despite comments from Federal Housing Finance Agency Director Mel Watt that he may suspend them to allow the housing giants to retain enough capital to operate safely. The firm's zero-capital targets were intended to force Congress to take action on housing reform.
MarketWatch (5/18) 
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Trump to reveal budget plan Tuesday
President Donald Trump's plan to balance the federal budget within a decade includes making cuts to Medicaid, the State Department and foreign aid, while stimulating economic growth through tax and regulatory reform, an official said. The plan, which is to be released Tuesday, is expected to be challenged by both Republicans and Democrats, who have their own agenda for tax reform.
Bloomberg (5/18),  The Wall Street Journal (tiered subscription model) (5/18) 
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GOP faces big challenges on tax reform
Republican efforts at tax reform could be hindered by the inability to agree on budget resolutions. Both the House and Senate are at odds over military spending increases, entitlement cost restraints and tax cuts, among other things.
The Wall Street Journal (tiered subscription model) (5/18) 
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Career Development
Adam Jones: "You have to stand up for what you feel is right"
Adam Jones: "You have to stand up for what you feel is right"
Jones (Maddie Meyer/Getty Images)
Baltimore Orioles outfielder Adam Jones discusses why he speaks out about race and other issues, how he deals with racial slurs from fans, and the people in baseball who have supported him and other players. "As athletes, we do have to be censored in a certain way, but at the same time, if there's a big issue, and it's something you stand for, you've got to speak out," he says.
Yahoo (5/16) 
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Great artists are people who find the way to be themselves in their art. Any sort of pretension induces mediocrity in art and life alike.
Margot Fonteyn,
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