Links in “Agencies”
- Yellen Hearing Begins This Week
Janet Yellen, Pres. Obama's pick to succeed Ben Bernanke as chair of the Federal Reserve Board, will appear before the Senate Banking Committee on Nov. 14. [11/12]
- Castle & Cooke Hit for Steering
CFPB hits Castle & Cooke Mortgage for $13 million in restitution and fines for fair lending issues surrounding allegedly steering consumers into costlier mortgages and for allegedly paying loan officers illegal bonuses. [11/8]
- Tool Time with the CFPB
CFPB launches its tool to help consumers find local housing counseling agencies in advance of the January 2014 effective dates for its mortgage rules. The Bureau also published guidance for lenders on how to provide mortgage applicants with a list of local homeownership counseling organizations. [11/8]
- Peering into the CFPB’s Crystal Ball (a.k.a., Semi-Annual Report)
A look at what's noteworthy in the CFPB's fourth semi-annual report. [11/8]
- NCUA Establishing Security Office
A growing concern about staff safety has prompted NCUA to establish a new office focused solely on security and continuity. NCUA examiners found 10,000 rounds of ammunition and semi-automatic weapons in a storage room when they seized Taupa Lithuanian Credit Union several months ago. [11/7]
- Dear Payday Lenders: Watch Out!
CFPB's powerful complaint receiving and tracking system is now active for borrowers encountering problems with their payday loans and payday lenders. The impact could be most challenging given the nature of product. [11/7]
- HUD Hits Deutsche Bank Hard for Fair Housing Violations
HUD and Deutsche Bank agree upon $12.1 million settlement for 2007-2008 actions of an indirect subsidiary of the Bank (MortgageIT, Inc.). Allegations focused on the residential lender discriminating practices against African American and Hispanic borrowers seeking mortgage loans including charging higher APRs and fees than similarly-situated white borrowers and denying minority applicants loans more often than similarly-situated white applicants. Findings present key comparative statistical analysis that should be analyzed by every FI to ensure practices are not occurring. [11/6]
- CFPB Puts Shylocks in Their Sights
CFPB is moving aggressively against debt collectors including collecting their own information on elements associated with debt collectors and adding debt collections to its public consumer complaint database. [11/6]
- NCUA Unveils New Video Education Series
Video series explains key changes in new rules impacting international remittances and mortgage lending. [11/6]
- Pregnant Pause and Penalty against BofA
Bank of America fined $45,000 for resolution of allegations that the lender discriminated against pregnant women seeking mortgage loans. Broader potential impact for all lenders to ensure that their practices do not include similar practices that included settlement date and denial of application due to discounting of income for pregnant woman. BofA praised for cooperation in working with HUD. [11/5]
