Links in “Agencies”
- CFPB Guides Mortgage Servicing
Guidance on key aspects of mortgage servicing rules including post mortem, early intervention on delinquency, elements of collection and requirements under Fair Debt Collection Practices (FDCP). [10/16]
- CFPB Offers Guidance on Three Mortgage Servicing Issues
Early intervention requirements, home retention efforts after a borrower dies, and the interplay between servicing rules, bankruptcy code and Fair Debt Collection Practices are addressed in a bulletin and interim final rule released by the CFPB. [10/16]
- ABA Cautions CFPB Against Overreacting on Overdrafts
Letter calls on CFPB to appropriately protect consumers without depriving them of valuable overdraft services or unduly impairing bank revenues. [10/15]
- Group Uses CFPB Database to Find Minority Communities Less Likely to Have Complaints Addressed
National Community Reinvestment Council issues analysis by ZIP code to find that complaints from predominately minority communities more like to have complaints closed without relief; calls upon CFPB and other agencies to use the complaint database in CRA exams. [10/15]
- Proposed Flood Rules Would Force Banks to Accept Private Insurance
FRB, OCC and FDIC propose rules that would require banks to accept qualified private insurance on loans backed by properties in areas at risk for flooding. [10/15]
- HMDA Hot List: CFPB Spells Out What It Expects to See in an Effective HMDA System
What may have been lost in the news about the civil money penalties for the HMDA failings of two financial institutions is the real take-away for all financial institutions: CFPB issues guidelines on what it describes as being elements of an effective HMDA system, including internal pre-submission HMDA audits, reviews of regulatory changes, reporting systems, assigning individuals responsible for oversight and data entry, and employee training. [10/14]
- Flood Proposal Wades In
Proposal focuses on Biggert-Waters provisions on mandatory purchase elements of flood insurance covering private flood insurance acceptance requirements, escrow payments and fees requirements, new sample forms and clauses and force-placed flood insurance coverage and charges. Mostly what we knew, but expect heavy coverage including our update to Biggert-Waters next week. [10/11]
- Director Exposure and D&O Insurance Issues Raised
FDIC emphasizes the importance of maintaining strong Director and Officer Liability Insurance in retaining well-qualified personnel for key positions, but notes that civil monetary penalty (CMP) provisions are prohibited. Policy review is stressed. Directors might be, too. [10/11]
- No Snickering at Credit Risk in SNCs
Shared National Credit or "SNC" shows modest improvements for 2013 shows, but overall risk levels in the $3 trillion program remained elevated in most categories. [10/11]
- 5 Agencies Encourage Loan Workouts for Those Affected by Shutdown
Pledge to not criticize "prudent efforts to modify terms on existing loans." [10/11]
