Links in “Agencies”

HUD report on housing sales for February shows 3.3% drop from January and 1.1% drop from 2013. New housing supply of 5.2 months estimated. [3/26]

CFPB's Cordray's remarks on released report focuses on negative impact of payday lending citing both report findings and actual examples and notes various actions taken by Bureau against large payday concluding that Bureau is "in the late stages of our considerations about how we can formulate new rules to bring needed reforms to this market." [3/25]

CFPB's scathing report on payday lending released that finds that 80% of payday loans default and/or are rolled over or renewed. 60% of all payday loans borrowers have fees and expenses that exceed the amount borrowed. This means that 20% of payday borrowers, many of whom are elderly or on disability, and are essentially trapped in the payday debt cycle. [3/25]

The joint agencies' proposed rule would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). State participation is optional, but non-participation effectively means no AMCs in that state can participate in federally related transactions. Participating states will then take on more oversight, monitoring, and reporting, adding an extensive new layer to the lending process. [3/25]

Bureau seeks to "develop its debt collection program over the coming year, and will work actively to protect consumers from the unfair, deceptive, abusive, and other unlawful conduct of some debt collectors." 64-page report notes that debt collection complaints are highest received by CFPB and details aspects of complaints received by Bureau. [3/24]

Sign of the times: No enforcement orders issued, while 11 cease and desist or formal agreements terminated. 6 prohibition orders issued. [3/24]

CFPB declines to provide 335 of the 350 documents it located in response to a Freedom of Information Act request by the company that publishes the Washington Examiner seeking information related to the escalating costs of the renovation of the agency's headquarters. The publishing company has now filed a lawsuit. [3/24]

OCC continues its Directors Workshop series in Baltimore (April 28th-30th) entitled “Mastering the Basics: A Director’s Challenge.” The three-day workshop is designed exclusively for directors of OCC institutions providing practical information on the roles and responsibilities of a community bank director. [3/24]

CFPB fires its salvo on debt collection industry, citing the more than 30,000 consumer complaints received about the industry and noting common consumers complaint on being hounded by debt collectors about debts not owed, aggressive communication tactics and threats of illegal actions. Report cites Bureau's actions to combat cited weaknesses. [3/21]

Key items include update on enhanced position of Stabilization Fund and approval of joint agency proposed rule on minimum requirements for appraisal management companies. NCUA, however,  notes weakened position on examining vendors due to lack of authority. Chairman Matz calls for such authority from Congress to expand capacity. [3/21]