During everyone’s favorite week of the year (when Christmas ends and we’re waiting on the New Year) a report came out stating that the Trump Adminstration is considering, J. Mark McWatters to take over as the head of the CFPB.
As I’m sure you can imagine, some banking institutions are a bit skittish about hearing McWatters name thrown around at the CFPB. As the chair of the NCUA, McWatters has been vocal about cutting back the amount of oversight the CFPB has on credit unions and has long advocated for expansion that would allow credit unions to widen their lending options.
Obviously, the concern comes down to McWatters playing favorite to the credit unions and not giving the attention to the traditional and mortgage banks. However, other than suggesting and exemption to CFPB oversite for credit unions with assets of more than $10 billion… he’s not done anything that should have bankers concerned. There is a good read on this topic here. Like many things to come in 2018 we’ll have to wait and see how this plays out… hopefully the transition of him taking the job plays out a little smoother than the last attempt to change out the head of the CFPB.
As the working world recovers from the “Holiday Hangover” the industry remains unchanged from where we left off it 2017. There are big things to come however and it’s going to be a very exciting year.
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.