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CFPB supervision highlights overdraft, mortgage disclosures
Posted Date: Tuesday, March 17, 2015
The Consumer Financial Protection Bureau released its seventh Supervisory Highlights, summarizing the bureau’s examination results in consumer reporting, debt collection, deposits, mortgage origination and fair lending.
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House Committee expresses concerns over prepaid proposal
Posted Date: Friday, March 13, 2015
Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Services Committee and was questioned repeatedly about the bureau’s proposed rules on prepaid accounts.
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House Committee presses Cordray on payday lending
Posted Date: Friday, March 6, 2015
Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Services Committee to discuss the bureau’s 6th semi-annual report, and one of the major focuses from committee members were the bureau’s plans for potential payday lender oversight.
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Cordray discusses rule-making process in NCUA webinar
Posted Date: Tuesday, February 24, 2015
In a town hall meeting with the National Credit Union Administration, Consumer Financial Protection Bureau Director Richard Cordray spoke about on-going proposals and provided candid answers to questions concerning the bureau’s rule-making process.
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Exclusive: Industry experts discuss readiness for TRID
Posted Date: Wednesday, March 11, 2015
As the independent news source for the industries on all sides of the real estate process, we often are asked about important issues affecting the landscape. The TILA-RESPA Integrated Disclosure rule has obviously been on everyone’s thoughts, and the closer we get to the deadline, the more questions we’ve received. Will we be ready? Are the systems in place? Will the CFPB give us more time after Aug. 1? Read on to see how ready the industry believes it is for TRID today.
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All banks pass stress test for first time
Posted Date: Tuesday, March 10, 2015
For the first time, all 31 bank holding companies put through the Federal Reserve’s stress tests passed, meeting the minimum levels of capital ratio, but with the second part of the Fed’s tests due out today, will those banks be allowed to raise their dividends or buy back shares? Read on for the details.
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Warren, Cummings request swaps trading info from big banks
Posted Date: Tuesday, February 24, 2015
Sen. Elizabeth Warren, D-Mass., and Rep. Elijah E. Cummings, D-Md., sent letters to the Bank of America, JPMorgan Chase, Citibank and Goldman Sachs that requested information on how the banks would alter their swaps trading practices in response to the passage of Section 360 of the 2015 Consolidated and Further Continuing Appropriated Act.
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CFPB releases long-awaited arbitration study
Posted Date: Friday, March 13, 2015
Nearly three years after launching a public inquiry in April 2012, the Consumer Financial Protection Bureau has released its study on pre-dispute arbitration. Read on for a summary of the bureau’s findings.
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FDIC report chronicles changes in bank openings, technology
Posted Date: Friday, February 20, 2015
In a report titled “Brick-and-Mortar Banking Remains Prevalent in an Increasingly Virtual World,” the Federal Deposit Insurance Corp. examined the ways in which population and economic growth and changes in technology have changed the landscape of banking offices.
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Agencies renew MOU on joint regulatory efforts
Posted Date: Friday, March 13, 2015
The Consumer Financial Protection Bureau and the Federal Trade Commission renewed their memorandum of understanding regarding their enforcement, rulemaking and supervisory duties, among other things. Read on to find out what has changed since the previous memo.
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Panelists work toward ‘good underwriting’ solutions
Posted Date: Friday, April 24, 2015
A recent Senate Banking Committee hearing was set to focus on regulatory burdens to obtaining credit. But panelists representing trade associations from across the industry expanded upon the discussion to offer suggestions on making mortgage lending better, and safer, for all involved. Read on for the details.
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Volcker group recommends overhaul of financial regulation
Posted Date: Friday, April 24, 2015
A group headed by former Fed Chairman Paul Volcker has issued a whitepaper with recommendations for broad changes to the financial services regulatory system. The move comes as it says financial reforms have not done enough, and “many of the structural deficiencies highlighted by the financial crisis remain substantially unaddressed.” Read on to find out what the group says can make the industry safer and better.
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Green Tree hit with UDAAP, debt collection enforcement
Posted Date: Friday, April 24, 2015
Mortgage servicer Green Tree Servicing, LLC was hit with a joint complaint from the Consumer Financial Protection Bureau and the Federal Trade Commission that alleged “unfair, deceptive or abusive acts or practices” along with violations of fair debt collection laws. If approved, the consent order would require Green Tree to pay $48 million in redress to victims and $15 million to the bureau’s Civil Penalty Fund.
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DocMagic launches TRID software solution
Posted Date: Friday, April 24, 2015
As the mortgage lending industry prepares for the Aug. 1 effective date for the TILA-RESPA Integrated Disclosure rule (TRID), DocMagic, Inc. – a loan origination servicer – has announced the launch of its Collaborative Closing Platform. Read on to see how its new program connects lenders with settlement service providers to meet TRID standards.
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CFPB hosts first research conference
Posted Date: Friday, April 24, 2015
The Consumer Financial Protection Bureau announced it will host its first CFPB Research Conference. The conference will be focused on high-quality consumer finance research, with academic and government researchers presenting their research papers. Read on for the details.
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TRID, payday lending hot House topics
Posted Date: Tuesday, April 21, 2015
The House Financial Services Committee’s hearing titled “Examining Regulatory Burdens on Non-Depository Financial Institutions” explored the possibility of converting the Consumer Financial Protection Bureau into a five-member, bipartisan commission, the impact of regulations under the bureau’s payday lending proposals and the industry’s readiness for TRID.
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New Day Financial hit with another enforcement
Posted Date: Tuesday, April 21, 2015
Just a couple months after facing an enforcement action from the Consumer Financial Protection Bureau, New Day Financial LLC entered into a settlement with the Multi-State Mortgage Committee in a case involving cheating on certain continuing education requirements. New Day’s CEO will be removed, among other penalties, under the settlement agreement.
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Target, MasterCard reach agreement on cyber breach
Posted Date: Tuesday, April 21, 2015
Cyber breaches often result in large costs to creditors in terms of account cancelations, opening new accounts, replacing credit cards for affected consumers as well as loss of consumer trust. After months of negotiations, Target has agreed to pay up to $19 million in reimbursements to MasterCard credit card issuers as a result of the retailer’s data breaches in 2013.
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Quicken Loans sues DOJ, HUD over abuse of power
Posted Date: Tuesday, April 21, 2015
Left with no other options, Quicken Loans said, the mortgage lender has taken the Department of Justice and the Department of Housing and Urban Development to court. In its complaint, Quicken Loans cites the reasons why it felt threatened by the agencies.
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CFPB finalizes credit card submission suspension
Posted Date: Tuesday, April 21, 2015
The Consumer Financial Protection Bureau issued a final rule that will temporarily suspend quarterly submissions for credit-card issuers. The submissions will resume April 30, 2016. Read on for the details.
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PayPal discusses possible resolutions with CFPB in filing
Posted Date: Friday, April 17, 2015
As PayPal prepares for its split from eBay, the company outlined its regulatory outlook and potential liabilities under consumer financial protection laws, including those implemented by the Consumer Financial Protection Bureau, in a filing with the Securities and Exchange Commission. PayPal is in settlement talks with the bureau and may face an enforcement action later this year. Read on for more details.
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CFPB adds guidance to homeowner counseling
Posted Date: Friday, April 17, 2015
The Consumer Financial Protection Bureau has issued a final interpretive rule on providing mortgage applicants with a list of local homeownership counseling organizations. The rule provides changes and additions to previously stated guidance issued in 2013. Read on for all the details.
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PowerLender now available for TRID preparation
Posted Date: Friday, April 17, 2015
As lenders get ready for the Aug. 1 effective date for TRID, Associated Software Consultants, Inc. (ASC), the software developer behind the PowerLender Loan Origination System (LOS), has announced that its built-in Loan Estimate and Closing Disclosure documents are ready for testing.
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Points and fees changes headed to Senate
Posted Date: Friday, April 17, 2015
The House passed the Mortgage Choice Act, a bill which makes amendments to the points and fees cap exemption in residential mortgages. The changes are important because points and fees that are above the 3 percent cap mean a mortgage cannot achieve Qualified Mortgage status and the protections that come with it. Read on for the details.
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Exclusive: Closing Insight opens settlement agent registration
Posted Date: Wednesday, April 15, 2015
Settlement agents who want to work with Bank of America after Aug. 1 will need to do so through RealEC’s Closing Insight loan origination software platform. Wells Fargo is among the other major lenders integrating with Closing Insight. We have the exclusive details on how to begin registration with Closing Insight right here.
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CFPB seeks revenue records in order against mortgage lender
Posted Date: Tuesday, April 14, 2015
As the Consumer Financial Protection Bureau continues to initiate enforcement actions against deceptive advertisements, lenders need to be wary of implying government affiliation or support. In its latest case against RMK Financial Corp., the bureau’s order is asking for something a bit different from previous deceptive government-affiliation cases. Read on to find what the bureau is interested in this time.
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Fed finalizes amendments to BHC Policy Statement
Posted Date: Tuesday, April 14, 2015
The Federal Reserve Board has finalized amendments to its Small Bank Holding Company Policy Statement. The amendments will raise the total consolidated assets threshold to $1 billion and will expand its scope to include certain savings and loan holding companies. The Policy Statement originally was issued to facilitate the transfer of ownership of small community-based banks in a manner consistent with safety and soundness.
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CFPB to meet with advisory and research councils
Posted Date: Tuesday, April 14, 2015
In the next couple weeks, the Consumer Financial Protection Bureau will be holding meetings with the Community Bank Advisory Council and the Academic Research Council. Discussion topics will range from credit scores and reporting to trends in consumer finance. Read on to learn more about the meeting details and discussion topics.
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Real estate groups urge Basel to reconsider risk-weighing regime
Posted Date: Friday, April 10, 2015
In a letter to the Basel Committee on Banking Supervision, several real estate trade associations, including the Mortgage Bankers Association and the National Association of Realtors, recommended changes to the committee’s proposals on risk-weighing commercial real estate lending; the treatment of special purpose entities and counterparties; and the treatment of acquisition, development and construction loans.
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OIG outlines plans for auditing the CFPB
Posted Date: Friday, April 10, 2015
Although it sometimes seems as if the Consumer Financial Protection Bureau has no watchdog, the Office of the Inspector General released its work plan for auditing some of the bureau’s most talked-about projects. The work plan includes audits of the bureau’s headquarters renovation costs, public consumer complaint database and the distribution of funds from the Civil Penalty Fund, among other things. Read on for an overview of the office’s ongoing projects and what will be coming in the future.
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What payday proposals mean for small banks, credit unions
Posted Date: Tuesday, April 7, 2015
The payday lending industry may be bustling from the Consumer Financial Protection Bureau’s recent payday proposals, but the response from credit unions and community banks has been relatively calm. Independent Community Bankers of America President and CEO Camden Fine spoke with Dodd Frank Update about the proposals, discussing how, if enacted in their current form, they may affect the playing field among lenders as well as the number of unbanked consumers.
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Order: Confidentiality agreements cannot inhibit whistleblowing
Posted Date: Tuesday, April 7, 2015
The Securities and Exchange Commission and KBR Inc. entered into a settlement in which KBR agreed that it no longer will prohibit employees from discussing internal investigations without prior authorization. The commission cited its authority under Section 21F of the Securities Exchange Act of 1934, which was added by the Dodd-Frank Act, to encourage whistleblowers to report possible violations of securities laws. Read on for the details.
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Comptroller: Some regulations no longer serve intended purpose
Posted Date: Tuesday, April 7, 2015
At the American Bankers Association’s Mutual Community Bank Conference, Comptroller of the Currency Thomas Curry told attendees that the OCC was looking for ways to help community banks and thrifts by eliminating or streamlining regulations that are needlessly burdensome. Under the Dodd-Frank Act, authority over federal savings associations was transferred to the OCC.
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Agencies give Wells greenlight on risk-based capital framework
Posted Date: Tuesday, April 7, 2015
The Federal Reserve Board and the Office of the Comptroller of the Currency have permitted Wells Fargo and its subsidiaries to use an “advanced approaches” capital framework, starting in the second quarter of this year. The frame implements risk-based capital requirements from the Basel Committee on Banking Supervision.
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Debt collector hit with enforcement action for deceptive misrepresentations
Posted Date: Friday, April 3, 2015
Continuing its focus on debt collection, the Consumer Financial Protection Bureau announced an enforcement action against a “bad check” debt collector, National Corrective Group, that allegedly deceived consumers by using misleading letterheads and misrepresenting the possibility of prosecution. The bureau used its UDAAP authority as well as the Fair Debt Collection Practices Act to prohibit what it found to be deception.
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CFPB updates its supervision and examination manual
Posted Date: Friday, April 3, 2015
The Consumer Financial Protection Bureau has issued two additional chapters to its supervision and examination manual, updating the bureau’s examination procedures for the TILA/RESPA Integrated Disclosure rule (TRID) that goes into effect Aug. 1. Read on for sectional outline of these guidelines.
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OIG report discusses CFPB diversity efforts
Posted Date: Friday, April 3, 2015
A new study by the Office of the Inspector General looked into the workforce diversity at the Consumer Financial Protection Bureau. The audit was requested by Congress to assess the bureau’s human resource operations and other efforts to be more equally inclusive of minorities and women, especially in regard to obtaining senior management positions. Read on to see what the OIG found and recommended.
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