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The Consumer Financial Protection Bureau published a compliance guide to aid small banks and mortgage lenders in understanding and complying with the bureau’s Ability-to-Repay and Qualified Mortgage Rule, which goes into effect January, 2014
The Consumer Financial Protection Bureau announced on April 4 four enforcement actions to end what the CFPB said it believes to be “improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business.”
Speaking at a field hearing in Des Moines, Iowa, CFPB Director Richard Cordray invited citizens from all ranks of society to use the data contained in its recently-expanded complaint data base.
Banks, credit card companies, mortgage companies and credit reporting agencies resolved all but 2 percent of the complaints sent to them by the Consumer Financial Protection Bureau in 2012, according to the bureau’s semi-annual report to Congress and the President released March 29.
Mortgage originators and other companies regulated by the Consumer Financial Protection Bureau have found the examination process inefficient and an unjustifiably burdensome, according to a letter sent by David Hirschmann, president of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, to CFPB Director Richard Cordray in February.
Responding to a lawsuit filed nearly two years ago by a Sioux Falls bank, the Consumer Financial Protection Bureau has issued a final rule amending the Credit Card Accountability and Disclosure Act of 2009.
On March 20, the Consumer Financial Protection Bureau’s Deputy Associate Director Dan Sokolov announced the Bureau’s plans to work with banks in order to quantify the cost of compliance with key federal regulations.
On June 1, 2013, the Consumer Financial Protection Bureau’s Escrow Requirement will go into effect, The rule, which requires certain creditors to create escrow accounts for a minimum of five years for higher-priced mortgage loans (HPMLs), also exempts HPMLs made by certain small creditors that operate predominantly in rural or underserved counties from meeting this requirement.
Last week, the Fed’s Office of Inspector General decided it will evaluate the presence of CFPB enforcement attorneys at bank examinations
Since 1990, the average price of college tuition has been increasing two to three times faster than the Consumer Price Index. According to the College Board, a public policy research organization focused on education issues, “Tuition and fees at public universities have surged almost 130 percent over the last 20 years—while middle class incomes have stagnated.”