Hello, LOs!
Do you ever wonder what a day in the life of Consumer Financial Protection Bureau Director Rohit Chopra is like?
According to a recently released daily calendar, which details his activities during his first month directing the agency, Chopra spends a lot of time thinking about you.
Just hours after his swearing-in, he was meeting with the Office of Supervision, Enforcement and Fair Lending — the office that coordinates supervisory exams for mortgage lenders, as well as enforcement actions when lenders don't make the grade. Before the end of his first day, he had another meeting on fair lending matters. The next day, a briefing on mortgage markets.
His first in-person meeting with a counterpart at a federal agency recorded in his calendar was mortgage-related, too. In his second week, Chopra had a long lunch with Sandra Thompson, acting director of the Federal Housing Finance Agency, a 40-minute trek from the consumer watchdog's headquarters.
It's typical for federal regulators to share notes and coordinate to some degree. But already, under Chopra's leadership, the CFPB has shown it is intensifying those efforts, including by launching a new effort with the Department of Justice and the Office of the Comptroller of the Currency to combat "modern-day redlining," although some have questioned the applicability of that term.
They're hardly the only ones. The FHFA and the Department of Housing and Urban Development recently signed a memo of understanding to coordinate fair housing enforcement. HUD is also leading a long list of federal agencies to recommend changes to the appraisal process.
Does coordination between federal regulators perhaps mean that their actions will be more measured? How are you handling the new regulatory regime? Where do you think Thompson and Chopra dined?
Georgia Kromrei
Senior Mortgage Reporter, HousingWire
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