MReport May 2018

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58 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GOVERNMENT HUD Addresses Financial Integrity The housing agency has announced measures to update internal controls, including the appointment of a new CFO. H UD Secretary Dr. Ben Carson announced new measures to protect the financial integrity of the department. "We simply need to do better. An updated system of internal controls will provide our agency with greater certainty that the dollars we spend are spent in a manner that satisfies all laws and regulations, and most importantly, the American people. We will approach this as any business would by increasing transparency and accountability. In the end, we will also support a culture that respects the fact that HUD funds belong to the public," Carson said. According to Carson, these changes will work toward cor - recting lax internal processes and controls and the Department. Carson tasked HUD's newly ap- pointed CFO, Irving Dennis, to put together a plan and an internal task force focused on combating waste, fraud, and abuse. A former partner at Ernst & Young, Dennis said, "I'm excited to apply a business acumen to a task that is necessary for us as an agency. These new inter - nal controls and management practices must be embedded into our organization to help prevent misuse and misappropriation of assets. The goal is to create more robust processes and systems of checks and balances to ensure our expenditures not only meet all of our requirements but pass a com - mon sense 'smell test.'" HUD's statement broke down the proposed changes into four areas of focus: 1. Agency-wide Governance: Implementing an Agency- wide governance structure that allows for more oversight, transparency, monitoring, and accountability; 2. Finance Transformation: Developing a plan to restore discipline and accountability in the financial and reporting systems across the Agency. 3. Grant Modernization: Developing a holistic grant modernization plan to improve grant processes and reporting, including improved IT systems. 4. Process Improvement: Promoting a HUD culture focused on documented and repeatable process with a focus on transparency and cost rea - sonableness. HUD's media statement also noted that the Office of the CFO was working with HUD's Office of the General Counsel to review processes throughout the department "to ensure HUD is within all guidelines and utilizing resources effectively." The CFPB Wants to Hear From You The consumer watchdog would like information on adopted regulations and new rulemaking authorities of the Dodd-Frank Act. T he Consumer Financial Protection Bureau (CFPB) has issued a Request for Information (RFI) on adopted regulations and new rulemaking authorities provided by the Dodd-Frank Act. In particular, CFPB Acting Director Mick Mulvaney called for evidence to ensure that the Bureau is "fulfilling its proper and appropriate functions to best protect consumers." This is the eighth RFI that the Bureau announced, and in the coming weeks, the industry can expect to see similar RFIs requesting feedback on inherited rules; guidance and implementation support; consumer education; and consumer inquiries. In January, Mulvaney sent a 1,118-word mission statement to CFPB staff outlining his vision for the agency and asking the Bureau to be run with "humility and prudence" and no longer "push the envelope." "In 2016, almost a third of the complaints into this office related to debt collection. Only 0.9 percent related to prepaid cards and 2 percent to payday lending. Data like that should, and will, guide our actions," Mulvaney wrote at the time. In addition to the most recent RFI, the Bureau is still accepting comment on its rulemaking processes, reporting practices of consumer complaint information, external engagement, supervision program, and more. The National Mortgage Servicing Association (NMSA) is finalizing comment from its membership which represents 90 percent of the mortgage market.

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