Article Archives – Page 76

GAO: Strengthen payroll procedures

A May 21, 2012 report from the Government Accountability Office identified seven internal control issues that the Consumer Financial Protection Bureau should consider fixing.

Small providers to review mortgage points proposals

The Consumer Financial Protection Bureau has begun the process of gathering input on rules to simplify mortgage points and fees – a change intended to bring greater transparency to the mortgage origination market.

House GOP wants more budget data from CFPB

In a May 2, 2012 letter to the Consumer Financial Protection Bureau, members of the House Financial Services Committee say that the “CFPB has been wholly unresponsive to our requests for additional budget information.”

CFPB clarifies loan originator licensing

A state may grant a transitional loan originator license to an individual who holds a valid loan originator license from another state, according to an April 19 bulletin from the Consumer Financial Protection Bureau.

Bureau tackles trillion-dollar problem

Earlier this month the Consumer Financial Protection Bureau introduced its new Financial Aid Comparison Shopper.

CFPB warns against disparate impact

The Consumer Financial Protection Bureau is cautioning lenders against discriminatory practices, intentional or not, by reaffirming that the legal doctrine of “disparate impact” applies to them.

Service providers come under scrutiny

Financial institutions under Consumer Financial Protection Bureau supervision can be held liable for third-party vendors, the Bureau explained in a bulletin.

Thanks to CFPB, tax refund loans will end

Banks’ “refund anticipation loans” will be history as of April 30.

CFPB plans more amicus briefs – but is it worth their time?

The Consumer Financial Protection Bureau has filed an amicus brief in the 10th Circuit U.S. Court of Appeals in Denver, Colo., arguing that certain borrowers who did not receive important disclosures mandated by the Truth in Lending Act may cancel their loans so long as they notify the lender of their intent to cancel within three years.

CFPB clarifies compensation rules

Financial institutions may compensate mortgage loan originators out of a profit pool derived from loan originations, according to a Consumer Financial Protection Bureau bulletin.