January 2014 Articles – CFPB Journal

CFPB wants to supervise nonbank money transfer providers

Under a proposed rule, certain nonbank international money transfer providers would be subject to supervisory oversight from the Consumer Financial Protection Bureau.

Community bankers report to Fed on QM rule and tech-competitors for payment

Community bank members of the Federal Reserve’s Community Depository Institutions Advisory Council told the Fed community banks will wait to implement the Consumer Financial Protection Bureau’s mortgage framework until the law has been tested in court, according to Brian Johnson, CEO of Choice Financial Group, Grand Forks, N.D.

Missouri lender fined for mortgage kickbacks

Fidelity Mortgage Corporation of St. Louis and its former owner and current president Mark Figert have been ordered by the Consumer Financial Protection Bureau to pay $81,076 for illegal kickbacks.

Probe of for-profit colleges expanded

The Wall Street Journal recently reported that the Consumer Financial Protection Bureau has expanded an earlier probe into for-profit colleges.

CFPB issues preliminary arbitration study

Last month, the CFPB delivered preliminary results of a study into the use of arbitration clauses in consumer products.

Inspector General issues annual report critical of CFPB attorney policy

On December 16th, the Office of Inspector General issued a report critical of the CFPB’s policy of regularly sending enforcement attorneys to participate in meetings with the entities under their oversight.

No exemption for small lenders from new CFPB mortgage form

Last November, the Consumer Financial Protection Bureau issued a long-anticipated new rule standardizing two mortgage forms.

CFPB announces $2.1 billion settlement agreement with Ocwen

The Consumer Financial Protection Bureau last month announced a $2.1 billion settlement agreement with Ocwen Financial Corporation, the fourth-largest U.S. mortgage servicer and the largest that is not a bank.