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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.
Earlier this month the Consumer Financial Protection Bureau introduced its new Financial Aid Comparison Shopper.
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.
Financial institutions under Consumer Financial Protection Bureau supervision can be held liable for third-party vendors, the Bureau explained in a bulletin.
Banks’ “refund anticipation loans” will be history as of April 30.
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.
Financial institutions may compensate mortgage loan originators out of a profit pool derived from loan originations, according to a Consumer Financial Protection Bureau bulletin.