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29 » VISIT US ONLINE @ DSNEWS.COM CFPB'S KRANINGER ON DODD-FRANK e Consumer Financial Protection Bureau (CFPB) recently announced a symposia series exploring consumer protections in today's financial services marketplace. "ere are a number of outstanding, challenging issues the Bureau is facing—some of which Congress directed us to address. I believe that the best way to address these issues is with proactive dialogue," CFPB Director Kathleen L. Kraninger said. "e symposia series is building on the approach we took last year in convening experts on access to credit issues and credit invisibles. ese types of proactive efforts are precisely how we intend to engage. Our symposia series will facilitate a robust discussion by experts on a variety of topics related to the Bureau's mission in a public forum. As the Bureau has an open mind on where the process will go, any appropriate next steps would come after the Bureau has had time to digest the discussion at the given symposium." According to the CFPB, the first topic to be discussed in the series will be around clarifying the meaning of abusive acts or practices under Section 1031 of the Dodd-Frank Act. Recently, Kraninger spoke in a keynote address titled "e Next Phase for CFPB" hosted by the Bipartisan Policy Center on consumer emergency savings issues and how the CFPB is addressing these problems. She also discussed rulemaking and guidance in regards to financial services. "Articulating clear rules for the road for regulated entities will promote competition, increase transparency, and preserve fair markets for financial products and services," Kraninger said. "When Congress directs the CFPB to promulgate rules or address specific issues to rulemaking, we will comply with the law." Additionally, Kraninger talked about increased technology usage and its impact on debt collectors. Specifically, she discussed how the CFPB plans to address both human and "robocalls" from debt collectors. Noting that the Fair Debt Collection Practices Act (FDCPA) has not been updated since 1977, she proposed updating the Act and its rules to better reflect modern communications technologies in collections activities. WELLS FARGO'S SERVICING IMPROVEMENTS IN THE SPOTLIGHT Wells Fargo Home Mortgage (WFHM) has received an overall stable outlook from Fitch Ratings. e rating agency affirmed that WFHM residential primary servicer rating for Prime, Alt-A, and Subprime products at 'RPS1-'; Outlook Stable. According to Fitch, the ratings and Outlooks reflect the WFHM's ongoing continuous platform and enterprise risk management improvements, technology enhancements, and its experienced senior management team and staff. Fitch states that as of December 31, 2018, WFHM serviced approximately 7.8 million loans totaling $1.46 trillion. is includes approximately 6.9 million agency loans totaling $1.15 trillion, approximately 748,000 owned portfolio totaling $276 billion, approximately 127,000 non-agency RMBS loans totaling $23.2 billion and approximately 38,000 third-party serviced loans totaling $6.27 billion. Fitch also notes that WFHM's overall delinquency rate fell to 4.86 percent from 6.36 percent year-over-year with a corresponding staff reduction of approximately 13 percent. Recently, Wells Fargo CEO Tim Sloan announced his retirement, less than three years into his tenure running the bank. Sloan stepped down at the end of June. Allen Parker, Wells Fargo's General Counsel, will serve as interim CEO and President while the bank searches for a long- term replacement. "In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future," Sloan said in a statement. "We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo." He added that his resignation came in part because "our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the company that I step aside and devote my efforts to supporting an effective transition." of borrowers in 2018 knew about the existence of low-down- payment programs. That percentage has remained virtually unchanged since 2015. Source: Fannie Mae Consumer Understanding Study STAT INSIGHT 23%