Links in “Agencies”
- On CFPB’s Radar: Credit Card Reward Programs
Director Cordray signals that CFPB will be considering the need for additional protections for credit card rewards programs. [11/21]
- Pay That! CFPB’s 1st Fine Against Payday Lender
CFPB takes enforcement action against Cash America International, Inc., a payday lender for robo-signing court documents in debt collection lawsuits. Total impact $19 million including $14 million in refunds to consumers $5 million to CFPB for destroying records. [11/21]
- No ZZZs Here: Exemption Rises to $53,500 for 2014
For applicable consumer credit transactions (student and housing don't affect), the requirements for Truth in Lending and Consumer Leasing acts will apply amounts of $53,500 or less in 2014, an increase of $500 from 2013. [11/21]
- New Integrated Mortgage Disclosure Final Rule Is Long. Seriously.
The final rule/official interpretation document is long. 1,888 pages long. Click here to download it for some light reading this weekend. [11/21]
- CRA IQ&A Update Final Hits Federal Register
Three altered and two added Interagency Q&As: Focus on community development activities including those efforts outside assessment area, how to analyze impact/benefit on LMI, evaluating community development (CD) services, CD lending emphasis and quantitative consideration for CD efforts. [11/20]
- CFPB Gives Final Touches to “Know Before You Owe”
CFPB aims for Albert Einstein's modus: "If you can't explain it to a six year old, you don't understand it yourself." Agency releases easier-to-use mortgage disclosure forms designed to clearly lay out the terms of a mortgage for a homebuyer. [11/20]
- JPMC Settles with Regulators to the Tune of $13 Large
The $13 billion total settlement over faulty mortgage-backed securities nets NCUA $1.4 billion and FDIC $515 million and others tidy sums. Litigation remains pending against many others. [11/20]
- Sneak Preview of New Mortgage Forms
A source within the CFPB has reported that the new mortgage disclosures, which are scheduled to go into effect in August 2015, will be required of all mortgage lenders, with no exception for small lenders. A prototype of the new form shows a less cluttered format with information about interest rates, monthly payments and closing costs in bold type. [11/20]
- House Committee to Weigh Replacing CFPB Director with 5-Member Commission
ABA lends its support to the concept of replacing single director with a 5-member commission to address the "extremely broad authority" of the bureau's director. Committee meets today. [11/20]
- “Know Before You Owe” Goes Final
New rule will replace existing mortgage forms with new forms that CFPB study confirms are more comprehensible to consumers of all levels of experience. [11/20]
