Article Archives – Page 71

Bureau removes uncertainty from mortgage lender compensation

The Consumer Financial Protection Bureau released its final rule on compensation for mortgage originators on Jan. 22.

Bureau releases second wave of mortgage rules

With the ability-to-repay rule and qualified mortgage rule release just a week ago, on Jan. 10, the Consumer Financial Protection Bureau has now released an additional set of rules for mortgage servicing.

CFPB finalizes rule requiring mortgage lenders to determine ability to repay

The Consumer Financial Protection Bureau published its final “ability to repay” mortgage rule on Jan. 10, 2013. This long-anticipated rule becomes effective on Jan. 10, 2014.

Some bankers have not been consoled by meetings with the Bureau

While meetings with the Consumer Financial Protection Bureau have brought community bankers in Illinois cautious optimism about future regulation from the agency, a meeting with the Bureau did not comfort bankers in Indiana.

Despite HMDA threshold boost, fewer banks exempt

As the number of smaller banks declines, the number of banks exempted from the Home Mortgage Disclosure Act also declines.

CFPB has been attentive to community bank concerns

While at first the CFPB Community Bank Advisory Council appeared to be a public relations maneuver, bankers attending the council’s meetings have found Consumer Financial Protection Bureau Director Richard Cordray and his staff responsive to their concerns.

Director Cordray meets with Illinois community bankers

In three separate meetings with the Consumer Financial Protection Bureau, the Community Bankers Association of Illinois has learned new details about the Bureau and has offered suggestions to diminish its impact on community banks.

CFPB digs into operations of top credit bureaus

Although everyone is entitled to a free copy of their credit report each year, only about 20 percent of eligible recipients actually obtain a copy. Also, the majority of the information in the typical credit report is provided by a small number of large banks.

CFPB reports public enforcement action

Banks and non-banks have paid an aggregate $101.5 million in penalties and $435 million in restitutions to consumers since the Consumer Financial Protection Bureau’s inception in July 2011.

City of Chicago enters into agreement with CFPB

The City of Chicago and the Consumer Financial Protection Bureau will join forces to crack down on the city’s non-bank lenders.