Bureau to collaborate with consumer-friendly innovators
The Consumer Financial Protection Bureau has launched an initiative to encourage consumer-friendly innovation in financial products.
The Consumer Financial Protection Bureau has launched an initiative to encourage consumer-friendly innovation in financial products.
Jonathan Foxx, Managing Director of Lenders Compliance Group, Long Beach, N.Y. Foxx is a 30-year veteran of the mortgage industry and founder of the Association of Residential Mortgage Compliance Professionals. Foxx is interviewed by Justin Dullum of the CFPB Journal staff.
Raj Date, the man on Director Richard Cordray’s right hand, will leave the Consumer Financial Protection Bureau after it completes its mortgage rules, likely sometime in 2013.
In its first report of examination findings, the Consumer Financial Protection Bureau stresses that institutions under its supervisory authority should have a good compliance management system (CMS).
The Consumer Financial Protection Bureau is teaming up with the Federal Housing Finance Agency to create a National Mortgage Database.
Beginning in January, larger debt collectors will come under the regulatory supervision of the Consumer Financial Protection Bureau.
When it comes to qualified mortgages, the difference between a safe harbor and rebuttable presumption is “a bit of a mirage,” Consumer Financial Protection Bureau Director Richard Cordray remarked before the House Financial Services Committee on Sept. 20.
At more than $1 trillion, student loan debt is now the largest source of consumer debt, even ahead of credit cards.
David Stein, a former attorney with the Federal Reserve and the Consumer Financial Protection Bureau, offers this “heads up” to non-bank “larger participants” in the consumer financial services marketplace.
The Consumer Financial Protection Bureau has handled nearly 80,000 consumer complaints since the Bureau opened on July 21, 2011.