Mara Gawarecki – Page 17

Operations and IT expenses top list of compliance costs.

Banks spend more on operations and information technology than human resources, compliance or legal expenses, according to a report released by the Consumer Financial Protection Bureau.

CFPB solicits debt collection data for possible rules

Four months after it began accepting debt collection complaints, the Consumer Financial Protection Bureau has issued an Advance Notice of Proposed Rulemaking seeking information on debt collection.

Cordray offers more QM rule reassurance

Consumer Financial Protection Bureau director Richard Cordray spoke October 28 at the Mortgage Bankers of America annual convention. The chief topic was the CFPB’s upcoming Ability-to-Repay/Qualified Mortgage rule.

Offering only Qualified Mortgages probably won’t be a fair lending risk

In response to inquiries, five federal agencies have issued a statement offering guidance about the fair lending risk banks may pick up if they choose to only offer Qualified Mortgages.

Annual private student loan complaint report prompts CFPB advisory

Rohit Chopra, the Student Loan Ombudsman for the Consumer Financial Protection Bureau, released his annual report this week analyzing private student loan complaints

CFPB issues fines and guidelines for inaccurate HMDA data

The Consumer Financial Protection Bureau fined two institutions a combined total of $459,000 in civil penalties for violating the Home Mortgage Disclosure Act (HMDA).

CFPB says Gramm-Leach-Bliley doesn’t apply to possible elder fraud

In union with six other federal regulatory agencies, the Consumer Financial Protection Bureau jointly issued an interagency guidance on reporting financial abuse of older adults.

Chase and JPMorgan Chase fined for credit card practices

In coordination with the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau ordered Chase Bank USA, N.A. and JPMorgan Chase, N.A. to refund approximately $309 million to more than 2.1 million customers for what the CFPB termed illegal credit card practices.

CFPB still anxious about student debt

In the wake of its announcement that student loan debt had passed the $1.2 trillion mark, the Consumer Financial Protection Bureau continues to focus on student loan debt.

Mortgage servicing and compliance management problems

In its latest Supervisory Highlights report, the Consumer Financial Protection Bureau focused on mortgage servicing problems, although it also noted that many nonbanks which fall under CFPB supervision are “more likely to lack robust compliance management systems.”