RSSMortgage delinquency rates hit pre-recession low
Information from a newly launched assessment tool shows that mortgage delinquency rates have dropped to levels not seen since before the recession, the Consumer Financial Protection Bureau said.
Category Archives: Spotlight
Aequitas fined over ‘predatory’ student lending
The Consumer Financial Protection Bureau filed a complaint against Aequitas Capital Management, Inc., over its lending to students of Corinthian Colleges. Aequitas was accused of violating the Dodd-Frank Act’s prohibition against abusive acts and practices.
CFPB raises mortgage data reporting threshold
The proposed temporary increase in the HMDA reporting threshold for HELOCs would apply to institutions who make 500 or fewer such loans in the previous two years, compared to the current threshold of 100 such loans.
Most high-risk student loan borrowers miss out on affordable repayment plans
Data from a CFPB report shows that borrowers, taxpayers and student loan companies “would benefit from a clearer, more streamlined process to help previously defaulted borrowers succeed over the long term, and to ensure borrowers avoid default in the first place,” the bureau said.
CFPB argues civil liberties irrelevant to PHH case
In its brief, the CFPB argues that under binding precedent, the only relevant question to determining the constitutionality of an agency’s structure is whether or not that structure is “of such a nature that it will impede the President’s ability to perform his constitutional duty…to take care that the laws are faithfully executed” (emphasis in the original).
CFPB proposal will oust community banks from small-dollar lending, advocates say
The bureau’s proposed rule would disrupt community bank lending because of its “extremely complex and prescriptive nature,” said executives from ICBA and CUNA. CFPB Director Richard Cordray defended the move as an attempt to eliminate debt traps.
Citizens Bank of Pennsylvania is a warning to the banking industry
Regulators’ action against Citizens Bank of Pennsylvania has huge ramifications for the banking industry. Three regulators − the CFPB, FDIC and the Office of the Comptroller of the Currency – have ordered Citizens to pay $14 million in refunds to consumers and another $20.5 million penalty.
CFPB extends money transfer rule exemption
The Consumer Financial Protection Bureau has finalized revisions to its international money remittances rule which will extend an exemption for certain remittances.
Small banks have a competitive advantage under the CFPB mortgage rules
Community banks have a potential advantage over larger competitors under the Consumer Financial Protection Bureau’s ability-to-repay and Qualified Mortgage Rule, Melissa Blundell informed bankers at the Bank Holding Company Association’s Spring Seminar.
As community banks leave mortgage market, former CFPB official prepares to benefit
The ex-CFPB Deputy Director Raj Date has attracted criticism for creating a mortgage company which competes in nonqualified mortgages, a category of loan he helped create at the CFPB. While Date’s conduct has its critics and defenders, one thing is certain. Community banks have been pushed out of the mortgage business by the rules Date helped write, and Date’s company now plans to soak up the extra loans.
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