The article discusses the implications of CFPB's actions under Rohit Chopra, particularly targeting broker-to-broker commissions protected by RESPA's Section 8(c)(2). If enforced, the changes could nullify referral networks and increase costs for consumers. The approach suggests strategic targeting of small players to set precedents against larger firms. The piece highlights instances of intimidation and lack of due process faced by industry professionals like Barry Sturner, who settled under coercion despite limited evidence against him, illustrating a worrying trend of regulatory overreach. Overall, it paints a grim picture of consumer protections being exploited for politically motivated goals.
When the CFPB under Rohit Chopra aimed to suppress broker-to-broker commissions, vital referral models faced obliteration, endangering industry standard practices and consumer choice.
The CFPB's actions appear to specifically target smaller players who lack the resources to defend against their overreach while simultaneously setting precedents against larger entities.
Data indicates that no substantial complaints or evidence existed against long-standing professionals like Townstone’s Barry Sturner, yet systemic intimidation tactics were employed during the inquiry.
Despite a lack of due process, Barry Sturner ultimately settled for significantly less than an initial offer, highlighting the financial strain regulatory threats can impose.
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