Government

Financial Services Committee Chairman Jeb Hensarling still finds fault in the CFPB’s structure, and in Cordray’s leadership. According to Hensarling, Cordray “recklessly ignores the due process protections that have been deeply rooted in our American legal system for centuries." Hensarling hopes the Bureau will become the "cop on the beat" its supporters want.

In a letter to shareholders, JPMorgan Chases CEO Jamie Dimon stated that the issue of "Too Big to Fail" has been solved. In an interview with Adam Shapiro on Fox Business, Minneapolis Federal Reserve President Neel Kashkari disagreed with this Dimon's statement. In addition, Neel Kashkari took issue with Dimon’s statement in his letter that banks are excessively capitalized, and that the capital standards should be lowered.

Wallethub analyzed data from all 50 states and the District of Columbia to determine which states could be considered the best for millennials to live in. North Dakota was the top-ranking state on Wallethub’s overall list, but No. 2 in terms of housing affordability. That rank went to Iowa. At the bottom housing cost list for millennials was Hawaii, with its historically high cost of living.

On Thursday, the National Mortgage Servicers Association held a member meeting in Washington D.C., where some of the nation’s top servicers heard from Consumer Financial Protection Bureau Director Richard Cordray. This comes on the heels of Wednesday's Five Star Government Forum, where attendees listened to top-level speakers and participated in panel discussions on the economy and the future of the market.

A new analysis shows that more than $277 billion in property taxes were levied against 84 million single-family homes in 2016. Though the average tax rate was 1.15 percent, states like New Jersey, Illinois, and Texas came in with significantly higher rates for the year. New Jersey’s was 2.31 percent—more than twice the national average.

In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon made the statement that the days of “too big to fail” are over and that taxpayers will no longer pay for a bailout should a major financial institution collapse. This is because of a stronger regulatory environment, more liquidity, and higher capital levels, Dimon said. He also covered tech, immigration issues, and other issues in his letter, and participated in a town hall event on Tuesday.

The Fair Housing act was supposed to level the playing field for American minority groups nearly 50 years ago. While segregation and homeownership among blacks and Latinos has improved in some areas, age-old issues still linger. And it’s been especially rough since the recession.

On Wednesday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Financial Services Committee in a hearing titled “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection.” In his prepared remarks, Cordray defended the role of the CFPB, especially given the current debate surrounding the Bureau.

On Wednesday morning, CFPB Director Richard Cordray will go before the House Financial Services Committee. As per Dodd-Frank requirements, the hearing will allow Cordray to present the Bureau’s most recent semiannual activity reports. Cordray’s prepared remarks show he will discuss credit reporting, debt collection, and financial incentives, among other things.

Leaders from both the government and mortgage servicing industry are to meet in Washington, D.C. to discuss policy and reform in the housing industry at the Five Star Government Forum. The event will include speakers and panel discussions on the economy and the future of the market.