“John (Doe), I am the CEO and owner of a privately held bank in the Southeast. Over 90% of my and my family’s, net worth is tied up in this institution. Through your commentary I have continued to follow the enforcement actions, penalties, and fees levied by the CFPB, HUD, and other government regulators. As the months have gone on I find it harder and harder to defend my bank originating (home) loans…

…and subjecting my family’s hard-earned capital to potentially being swept away by a regulator. In discussing this situation with other owners of banks and credit unions, I have found that I am not alone in my thinking. Yes, compliance and regulation are needed in a logical manner that protects the consumer. But to run the risk of potentially bankrupting my family based on the vague nature of enforcement actions by the CFPB rather than stating rules, or recent disparate impact rulings, makes little sense to me. As we cease offering mortgages to our depositors, I wish the remaining lenders the best of luck.”, Excerpt from July 2015 Mortgage Industry Newsletter (author of newsletter’s name changed)

Posted on July 27, 2015, in Postings. Bookmark the permalink. Leave a comment.

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