Proposed rules permit mortgage lenders to charge upfront points, fees
In an update to a story we ran May 16, the Consumer Financial Protection Bureau is seeking public comment on rules governing mortgage originations.
In an update to a story we ran May 16, the Consumer Financial Protection Bureau is seeking public comment on rules governing mortgage originations.
In a statement submitted to the House Committee on Small Business for its August 1 hearing, the American Bankers Association criticized the Consumer Financial Protection Bureau for its lackluster compliance with the Small Business Regulatory Enforcement Fairness Act.
The Consumer Financial Protection Bureau has filed its first civil law suit, suing a Los Angeles law firm that charged homeowners for mortgage modifications that it allegedly didn’t perform.
Often when Congress creates a new agency, those subject to such agency’s jurisdiction anxiously await the implications. Bankers are no exception with respect to the newly created Consumer Financial Protection Bureau (CFPB). While we hope for the best, the skeptic in us naturally expects draconian consequences and inflexible policies designed to benefit consumers without consideration of the safety and soundness of the financial institution. However, a recent CFPB bulletin provides reason to be cautiously optimistic that the CFPB may be responsive to the business needs of the banking industry under the proper circumstances.
The Consumer Financial Protection Bureau announced July 18 its first public enforcement action, requiring Capital One Bank, N.A., to refund approximately $140 million to two million customers and to pay an additional $25 million penalty.
Credit bureaus will come under the regulatory supervision of the Consumer Financial Protection Bureau beginning Sept. 30.
The American Bankers Association is not a fan of the Consumer Financial Protection Bureau’s proposal to come up with a combined RESPA/TILA form.
The Consumer Financial Protection Bureau is proposing changes to Reg X (Real Estate Settlement Procedures Act) and Reg Z (Truth in Lending Act).
The Consumer Financial Protection Bureau is in the process of reviewing public comments submitted in relation to the Bureau’s enforcement of the CARD Act, including its controversial “ability to pay” provision.
Responding to a provision in the Dodd-Frank Act requiring the Consumer Financial Protection Bureau to study reverse mortgages, the CFPB released this report June 28.