Links in “Agencies”
- Regulators: Fair Lending and QM Not Incompatible (In Theory, Anyway)
Five federal regulatory agencies jointly publish a statement addressing the fair lending risks associated with financial institutions who choose to offer only Qualified Mortgages. The agencies state that they do not find fair lending and Ability to Repay Rule incompatible, even if QMs are the only mortgages an institution chooses to make, "absent other factors" (like disparate impact, maybe?) Â [10/23]
- Court Sides with CFPB Against Morgan Drexen
D.C. federal district court dismissed Morgan Drexen's lawsuit challenging the constitutionality of CFPB's structure, charging that it violated separation of powers; court tells Morgan Drexen it can raise its constitutionality claim as a defense in its California case against the CFPB. [10/22]
- NCUA October Report: Mortgage Rules Impact and More
Key topics include new mortgage rules' impending impact, risk mitigation needs and CAMELS ratings. [10/22]
- Cordray: Rebuilding Economy and Confidence through Dodd-Frank
Speech with ABA's annual conference in New Orleans promotes efforts of CFPB to rebuild confidence in mortgage lending and economy through efforts via Dodd-Frank. [10/22]
- OCC Enforcement Order Update Issued
Terminations far outweigh new issuance 4 to 1, but CMPs continue for BSA (TD Bank and United Community) and flood (Saddle River Valley Bank). [10/21]
- New Director of Supervision for NCUA Named
26-year veteran of NCUA D. Scott Neat will take over role of Director of Supervision on November 3, 2013 as Matthew Biliouris, former DOS takes on Deputy Director of the NCUAâs Office of Consumer Protection in July. [10/21]
- CFPB Schools on Student Loans
The CFPB promotes key elements of private student loan placement with key problems associated with the program such as prepayment stumbling blocks, partial payment snags and servicing transfer surprises. [10/17]
- EverBank Finalizes Consent Order and Payments
EverBank memorializes agreement to pay $37 million to more than 32,000 eligible mortgage borrowers affected by unsafe and unsound practices in mortgage loan servicing and foreclosure processing. Agreement calls for additional $6.3 million to organizations certified by the U.S. Department of Housing and Urban Development (HUD). [10/17]
- Coming to Grips with Rising HMDA Expectations
Along with its announcement of two large fines for submitting incorrect HMDA data, CFPB spells out what it expects of institutions to ensure accurate submissions. [10/17]
- NCUA Promotes Its Training Capacity
NCUA promotes new video highlighting training programs available to small and low-income credit unions. Courses offered are designed to strengthen small credit unions to better serve their members and communities. [10/16]
