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Mortgage originators and other companies regulated by the Consumer Financial Protection Bureau have found the examination process inefficient and an unjustifiably burdensome, according to a letter sent by David Hirschmann, president of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, to CFPB Director Richard Cordray in February.
Responding to a lawsuit filed nearly two years ago by a Sioux Falls bank, the Consumer Financial Protection Bureau has issued a final rule amending the Credit Card Accountability and Disclosure Act of 2009.
On March 20, the Consumer Financial Protection Bureau’s Deputy Associate Director Dan Sokolov announced the Bureau’s plans to work with banks in order to quantify the cost of compliance with key federal regulations.
On June 1, 2013, the Consumer Financial Protection Bureau’s Escrow Requirement will go into effect, The rule, which requires certain creditors to create escrow accounts for a minimum of five years for higher-priced mortgage loans (HPMLs), also exempts HPMLs made by certain small creditors that operate predominantly in rural or underserved counties from meeting this requirement.
Last week, the Fed’s Office of Inspector General decided it will evaluate the presence of CFPB enforcement attorneys at bank examinations
Since 1990, the average price of college tuition has been increasing two to three times faster than the Consumer Price Index. According to the College Board, a public policy research organization focused on education issues, “Tuition and fees at public universities have surged almost 130 percent over the last 20 years—while middle class incomes have stagnated.”