Media Coverage
Source: Law360
Media Coverage
08.07.12
Joseph Lynyak, a partner in Pillsbury’s finance practice, and Craig Saperstein, an associate in Pillsbury’s Government Law & Strategies practice, provided an overview of the Consumer Financial Protection Bureau (CFPB)’s long-awaited regulatory overhaul of the U.S. residential mortgage market in an article they coauthored, “Observations on CFPB's Mortgage Reform Initiative.” They also shared their observations and recommendations for mortgage market participants whose future competitiveness will be significantly affected by the CFPB’s actions.
The legal authority cited by the CFPB for undertaking its mortgage initiative is more expansive than the statutory authority typically provided to other federal agencies because of the aggregate breadth of discretion arguably provided to the CFPB.
They recommended that mortgage industry participants focus on the proposals that will directly affect their continued involvement in the mortgage market in order to maximize useful criticism and dialogue with the CFPB.