After testifying before the Senate Committee on Banking, Housing and Urban Affairs on Feb. 14 that community banks and credit unions did not cause the recent mortgage meltdown, Consumer Financial Protection Bureau Director Richard Cordray told credit union mortgage lenders yesterday they should not fear writing loans which fall outside the “qualified mortgage” protection of the Bureau’s ability-to-repay rule.
Ed Mierzwinski is the federal Consumer Program Director and Senior Fellow for U.S. Public Interest Research Group, which lobbied heavily for the creation of the Consumer Financial Protection Bureau.
Bankers can take comfort; the majority of the Consumer Financial Protection Bureau’s objectives for the next year touch non-banks more than banks, according to CFPB Director Richard Cordray’s comments at the Bureau’s Consumer Advisory Board meeting on Feb. 20.
Filing complaints against financial institutions just got a whole lot easier for Newark, N.J. residents, thanks to the Consumer Financial Protection Bureau new partnership with the city of Newark to provide a complaint filing resource for residents.
Small businesses share community banks’ sentiments about too-big-to-fail banks and the Consumer Financial Protection Bureau, according to survey results collected by Small Business Majority, a small business advocacy group.
It’s a parent’s worst nightmare: Your 19-year-old has maxed out another credit card, defaulted on a car loan and is two months’ behind on the rent.
Since July 2012, credit card complaints received by the Consumer Financial Protection Bureau have been posted on the Bureau’s website for all to see.
As the financial services industry digests the Consumer Financial Protection Bureau’s Student Lending Examination Procedures manual release on December 18, 2012, Sallie Mae, which services more student loans than any other single company, is confident its operating procedures are already stringent enough to pass over the heightened regulatory bar.