Links in “Agencies”
- Unsettling Findings for Mortgage Settlement Firms
HUD speaks out on latest report card for nation's largest mortgage servicers and notes continued weaknesses in "sending notices and communicating with struggling homeowners in a timely manner." Potential severe penalties could result. [12/5]
- White House Calls for More Private Participation in Housing Market
White House representative criticizes the notion of an âimplicit government guaranteeâ for the housing market, instead calling for a market that is driven by private capital, with GSEs as a backstop only after private capital is exhausted. [12/4]
- FinCEN and Fed’s Fund Transfer Rule Goes Final
Regulatory definitions for "funds transfer" and "transmittal of funds" under BSA finalize. Keeps information on international funds transfers and remittances under BSA purview by carving out former exemption under EFTA. Impact should be minimal. [12/4]
- Bipartisan Group of Senators Enter Eminent Domain Fray
Richmond, California's threats to use eminent domain against some mortgage loan investors if they don't sell their loans to the city prompts group of senators to write strongly worded letter to HUD to step in. [12/4]
- CFPB Serves Notice to Non-Bank Student Loan Servicers
Expansion of coverage on student loan servicers will include all major players in the market. Key focus of new requirements include focus on prepayment stumbling blocks, partial payment snags and servicing transfer surprises that frequently result in late charges. [12/3]
- Reading Between the Lines of the CFPB’s Report on Compliance Costs
Industry observer sees little cause for optimism that CFPB will be sensitive to opportunity costs lost to compliance burdens based on its recently released report on compliance costs. [12/3]
- FR Final for CUSO Issued
Federal Register goes final on amendments for credit union service organization (CUSO). Focus on increased transparency and adherence to safety and soundness concerns including reporting and required audits. [12/3]
- FDIC Enforcement Orders for October Released
14 terminated orders, 4 new CMPs are part of the 44 listed enforcement actions for October 2013. [12/2]
- Agencies Seek to Kill Deposit Advance Loans
OCC and FDIC follow through on threat to kill deposit advance loans by issuing guidance that makes it likely that few banks will continue to offer these products. What the CFPB will do remains to be seen. [12/2]
- OCC Q1 2014 CRA Schedule Released
For the CRA officers of 150+ banks, Q1 will be a bit more interesting. [12/2]
