|
News By Edition
|
Dodd Frank Update Monthly Edition
Dodd Frank Update May 2015
|
|
Big Data (Part 1): How can it affect fair lending liability?
Posted Date: Friday, April 24, 2015
As the Consumer Financial Protection Bureau focuses on credit reporting and fair lending, the banking industry is balancing the need to make wise lending decisions while avoiding liability. Using big data for credit scoring models might eliminate human bias, but it also can open the door to potential liability under disparate impact. Part 1 explores how big data use may open the door to fair lending liability, and what to do if your lending practices result in disparate impact.
|
|
|
Big Data (Part 2): How can it affect UDAAP liability?
Posted Date: Tuesday, April 28, 2015
As the Consumer Financial Protection Bureau focuses on credit reporting, the banking industry is balancing the need to make wise lending decisions while avoiding liability. Using big data for credit scoring models might eliminate human bias, but it also can open the door to potential liability over third-party oversight under fair lending laws and under “unfair, deceptive and abusive acts and practices.” Part 2 explores the third-party and UDAAP risks of using big data.
|
|
|
Will CFPB’s next move be restrained enforcement?
Posted Date: Friday, April 3, 2015
Will the Consumer Financial Protection Bureau issue a restrained enforcement period after Aug. 1, to allow the industry to comply with the TILA-RESPA Integrated Disclosure rule? The topic continues to emerge as participants within the industry continue to press for relief. One agency already said it will consider “good faith efforts” for compliance, but is the bureau ready to publicly state the same?
|
|
|
Here are the rules, costs of CFPB’s payday plans
Posted Date: Friday, March 27, 2015
The Consumer Financial Protection Bureau has laid out its plans for payday loans, vehicle title loans, deposit advances and installment and open-end loans. The proposals will cover lending on a long-term and short-term basis. For a look at the bureau’s proposals, and the costs that they will require for lenders in the industry, read on.
|
|
|
CFPB warns payment processors in chokepoint enforcement
Posted Date: Friday, April 10, 2015
The Consumer Financial Protection Bureau issued an enforcement action against debt collection companies that it alleges broke laws by allegedly using threats, intimidation and harassment to collect phantom debts. But the big news revolves around what it says payment processors and a telemarking company knew, or should have known, to prevent the fraud. Read on to see what the CFPB expects of all parties in a transaction to prevent fraud and consumer harm.
|
|
|
Big lenders embrace Closing Insight technology
Posted Date: Tuesday, April 14, 2015
As lenders look to technology providers to help them prepare for the Aug. 1 TILA-RESPA Integrated Disclosure rule deadlines, RealEC Technologies’ Closing Insight platform has emerged as a top choice. Bank of America and Wells Fargo are among the lenders who have chosen the platform to integrate with come Aug. 1. Read on to find out what has made Closing Insight a popular option.
|
|
|
Lender not sure if vendor will meet Aug. 1 deadline
Posted Date: Friday, March 20, 2015
Just over a week ago, Dodd Frank Update reported exclusively on the mortgage industry’s concerns on the status of technology solutions for complying with TRID by Aug. 1, 2015. Last week, a representative of the American Bankers Association told the House Financial Services Committee that he wasn’t sure his bank would be ready to comply.
|
|
|
GE sales could shake SIFI designation
Posted Date: Tuesday, April 14, 2015
Under Section 113 of the Dodd-Frank Act, the Financial Stability Oversight Council can designate a company as a systemically important financial institution subject to enhanced prudential standards. Of the four current non-banks with this designation, one, General Electric, is looking to escape by limiting its financial businesses. Read on the learn more.
|
|
|
|
Toolkit released to help consumers through mortgage process
Posted Date: Friday, April 3, 2015
The Consumer Financial Protection Bureau released a new toolkit to guide consumers through the mortgage shopping process for buying a home. Creditors will be required to provide the toolkit to mortgage applicants when the TILA/RESPA Integrated Disclosure rule takes effect in August. Read on to learn how to access electronic and print copies of the toolkit.
|
|
|
Fed vice chairman warns against nonbank complacency
Posted Date: Friday, April 3, 2015
Federal Reserve Vice Chairman Stanley Fischer warned against complacency regarding financial stability in a speech at the 20th Annual Financial Markets Conference. Fischer outlined the nonbank sector’s role in the financial crisis as well as two principles that should guide prudential regulation of nonbank intermediaries and activities.
|
|
|
Capsilon finds 41 percent of lenders not ready for TRID
Posted Date: Thursday, April 16, 2015
Capsilon Corp. has released a survey that found that 41 percent of mortgage lenders said they were not prepared to meet the deadline for TRID. The survey also looked at production and compliance costs and the rise in technology use. Read on for the details.
|
|
|
Survey finds increase in originators changing software
Posted Date: Tuesday, April 7, 2015
QuestSoft, a company that provides automated compliance software and services to the mortgage, bank and credit union industries, has released a survey showing an increase in the number of lenders who are considering changing their loan originator software. How many are seeking new software providers as the effective date of the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule approaches? Read on to find out.
|
|
|
CFPB publishes guide to include earlier financial education
Posted Date: Friday, April 10, 2015
After finding that students who receive K-12 financial education achieve significantly higher savings and net worth later in life, the Consumer Financial Protection Bureau has published a resource guide to help policymakers develop financial education programs in K-12 schools. The guide includes strategy questions, case studies and lists of resources for state officials to consider if they decide to make financial education a priority.
|
|
|
CFPB overextending authority, former Frank advisor says
Posted Date: Friday, April 17, 2015
Appearing before the House Financial Institutions and Consumer Credit Subcommittee on April 15, Dennis Shaul, CEO of Community Financial Services Association of America and former senior advisor to Rep. Barney Frank, D-Mass., argued that the Consumer Financial Protection Bureau was interpreting the Dodd-Frank Act in ways never intended by Congress, especially when it came to the bureau’s approach to payday lending.
|
|
|
Monthly Newsletter |
Cover Story:
|
|