October 2014 Articles – CFPB Journal

CFPB issues first fines under new mortgage rules

Flagstar Bank has been ordered to pay a $10 million fine and provide $27.5 million in restitution to mortgage customers by the Consumer Financial Protection Bureau. It is the first enforcement action by the CFPB under new mortgage servicing rules promulgated in January.

CFPB proposal aimed at reducing regulatory uncertainty for new financial products

Looking to launch a new financial product? On October 8, the Consumer Financial Protection Bureau proposed a new policy to allow banks to request a “no-action letter” or “NAL.”