RSSReport claims CFPB regulation costing banks millions
Independent mortgage banks are starting to feel the sting from new mortgage rules implemented by the Consumer Financial Protection Bureau.
Category Archives: News
Student loan servicers draw CFPB attention
The Consumer Financial Protection Bureau is clamping down on student loan lenders and servicers that automatically default on loans when a co-signer declares bankruptcy or dies.
CFPB expands rural and underserved exemption for small banks
The Consumer Financial Protection Bureau issued an interim final rule on March 22 which will broaden special provisions for small creditors that operate in rural or underserved areas.
Some questions for the CFPB in House hearing
CFPB Director Richard Cordray sat down in front of the House Financial Services Committee for a hearing last week, delivering the bureau’s semi-annual report and taking questions.
CFPB shutters student debt relief company
The Consumer Financial Protection Bureau has asked a federal district court to enter a final judgment and order that would shut down a student debt relief company.
CFPB Fines Online Payment Network for Misrepresenting Security Practices
On March 2, 2016, the CFPB issued its first enforcement action directed at an organization’s information security practices. Dwolla, Inc., entered into a Consent Order with the CFPB which identifies “deceptive acts and practices relating to false representations” relating to the company’s data security practices in violation of UDAAP.
CFPB’s TRID rule delays closures, reduces mortgage offerings
The new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau is delaying mortgage closures and causing banks to trim their offerings, according to a survey.
An analysis of abusive practices as understood by the CFPB
A recent report by K&L Gates highlights the conclusions that can be drawn from the CFPB’s understanding of an abusive act.
Former Ally CEO charges CFPB with shakedown
Former Ally Financial Inc., CEO Michael A. Carpenter said the CFPB abused its power by holding the bank’s business hostage in order to coerce a record settlement of “trumped-up” racism charges and push profit-killing new regulations on the entire auto-lending industry.
CFPB and FDIC signal increased expectations for banks on serving underbanked
Consumer Financial Protection Bureau Director Richard Cordray and FDIC Chair Martin Gruenberg have called on bankers to do more to serve unbanked and underbanked in the last month.
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