Community bankers report to Fed on QM rule and tech-competitors for payment

Community bank members of the Federal Reserve’s Community Depository Institutions Advisory Council told the Fed community banks will wait to implement the Consumer Financial Protection Bureau’s mortgage framework until the law has been tested in court, according to Brian Johnson, CEO of Choice Financial Group, Grand Forks, N.D.

Missouri lender fined for mortgage kickbacks

Fidelity Mortgage Corporation of St. Louis and its former owner and current president Mark Figert have been ordered by the Consumer Financial Protection Bureau to pay $81,076 for illegal kickbacks.

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