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On Sept. 4, Steve Antonakes was named Deputy Director of the Consumer Financial Protection Bureau. The former commissioner of banking for the State of Massachusetts had been Acting Deputy Director.
In its latest Supervisory Highlights report, the Consumer Financial Protection Bureau focused on mortgage servicing problems, although it also noted that many nonbanks which fall under CFPB supervision are “more likely to lack robust compliance management systems.”
The Consumer Financial Protection Bureau recently released a mid-year update to its analysis of private student loan complaints, which it began collecting in March 2012.
The Consumer Financial Protection Bureau released new estimates which place outstanding student loan debt near $1.2 trillion.
On July 23, the Consumer Financial Protection Bureau filed a complaint against Castle & Cooke Mortgage, alleging that the Salt Lake City-based mortgage bank paid quarterly bonuses to loan officers who nudged borrowers into higher-cost loans.
For more than two years, lawmakers in Congress fought over the Consumer Financial Protection Bureau’s structure.
As the congressionally confirmed director of the Consumer Financial Protection Bureau, Richard Cordray no longer needs to win the approval of lawmakers in Congress.
Participating in the Office of Management and Budget’s initiative to publish an agenda of federal regulatory actions, the Consumer Financial Protection Bureau has published its plans for the coming year.
On June 25, the Consumer Financial Protection Bureau released a bulletin informing banks of ways they can favorably affect the ultimate resolution of an enforcement action from the bureau.
In the last two weeks, small banks have seen some accommodation from the Consumer Financial Protection Bureau on mortgage loans.