Article Archives – Page 67

Student Loan Debt Tops $1.2 Trillion

The Consumer Financial Protection Bureau released new estimates which place outstanding student loan debt near $1.2 trillion.

CFPB takes action against mortgage firm for compensation practices

On July 23, the Consumer Financial Protection Bureau filed a complaint against Castle & Cooke Mortgage, alleging that the Salt Lake City-based mortgage bank paid quarterly bonuses to loan officers who nudged borrowers into higher-cost loans.

How much will the CFPB spend now?

For more than two years, lawmakers in Congress fought over the Consumer Financial Protection Bureau’s structure.

Midwest bankers comfortable with Cordray’s confirmation

As the congressionally confirmed director of the Consumer Financial Protection Bureau, Richard Cordray no longer needs to win the approval of lawmakers in Congress.

CFPB updates its rulemaking agenda

Participating in the Office of Management and Budget’s initiative to publish an agenda of federal regulatory actions, the Consumer Financial Protection Bureau has published its plans for the coming year.

CFPB gives banks tips for currying its favor

On June 25, the Consumer Financial Protection Bureau released a bulletin informing banks of ways they can favorably affect the ultimate resolution of an enforcement action from the bureau.

CFPB steps toward mortgage-regulation relief for small banks

In the last two weeks, small banks have seen some accommodation from the Consumer Financial Protection Bureau on mortgage loans.

Lessons learned from the CFPB’s first enforcement actions

Since its creation in July 2011, the Consumer Financial Protection Bureau (CFPB) has entered into five public consent orders with financial institutions and, in one case, a service provider, to correct alleged consumer protection violations. While these orders involved some of the biggest institutions in the industry (Capital One, Discover and American Express), there are valuable insights to be gleaned from these orders for both institutions directly monitored by the CFPB and institutions that are examined for consumer protection compliance by their prudential regulators (especially since the Federal Deposit Insurance Corporation (FDIC) joined in two of the orders).

CFPB officials write rules, push small banks out of mortgages and take market share

Speaking of picking winners and losers in the private sector, sometimes government officials get to choose someone familiar to be the winner: themselves.

CFPB expands its complaint data base

On May 31, the Consumer Financial Protection Bureau added another wave of complaint data to its complaint database, expanding the number of publicly reported complaints to 113,000.