Wednesday, January 24, 2018
The Director of the CFPB Requests Zero Funding
This is yet another indication of the hands off regulatory approach that Mr. Mulvaney intends for the CFPB. Since the CFPB is the primary enforcer of RESPA, the Real Estate Settlement Procedures Act, a consumer protection statute passed by the U.S. Congress in 1974. The statute has two main purposes: To help consumers become better shoppers for settlement services; and To eliminate kickbacks and referral fees that may increase the costs of certain settlement services.
It would appear there will no longer be anyone looking out for the fox. Consumers beware!