Links in “Agencies”
- Lawsuit Alleges CFPB Threatens Fundamental Privacy and Financial Security
Morgan Drexenâs lawsuit alleges the CFPB to be unconstitutional and "out-of-control government" agency. [7/24]
- Put on those Reading Glasses: X & Z Amendments Released
CFPB tackles array of Regulation X and Z mortgage rule topics including tough DTI calculation issues on ability to repay (ATR) and prepayment on higher-priced mortgage loans (HPMLs). Exclusions on construction and bridge loans provided on ATR and prepayment penalties.[7/24]
- CFPB Files Complaint Against Lender for Steering Borrowers to High Cost Loans
CFPB alleges Utah mortgage bank violated the Federal Reserve's loan officer compensation rule, which bans compensation based on a loan's terms such as interest rates; bank vigorously denies allegations. [7/24]
- CFPB Storms the Castle
Complaint by CFPB against Castle & Cooke filed for illegal bonuses tied to higher-priced mortgages. Strong guidance document to FIs to review compensation practices tied to interest rates charged (aka Steering). [7/24]
- CFPB Sued for Its Data Collection Practices
Legal support firm sues CFPB, which has demanded that the firm turn over "a vast collection of personal and sensitive financial data" about the clients of attorneys supported by the firm; firm says these demands are unconstitutional, and that complying would be a violation of attorney-client privilege. [7/23]
- AMG Settles on Debt Collection Charges
Partial settlement against EFTA and UDAAP violations on payday lender with additional ruling that affiliated American Indian Tribe entities remain under coverage of TILA, FTC Act (UDAAP) and EFTA. [7/22]
- FDIC Announces Community Banking Meeting
Key topics for the 7/25/2013 meeting include community bank initiatives, payment system developments and IT examination issues. Open to the public with webcast via FDIC.gov. [7/22]
- HUD’s New Playbook for Fair Housing
Proposed new rule will offer powerful tools for fair housing/fair lending analysis including a new Geospatial tool. Proposal gives boost to Fair Housing Act. [7/22]
- CFPB Addresses Adjustable Rate Notification Catch-22
Beginning Jan. 10, 2014, a lender is required to provide notification to consumer at least 60 days prior to the first payment of an adjusted rate, but what if that first payment is due, say, Feb. 10, 2014, in other words, after the effective date requiring the notification but less than the 60-day minimum notification requirement? CFPB addresses this Catch-22. [7/19]
- CFPB: Knowledge Is Power
CFPB unveils strategy to improve consumer protection through financial literacy. Educate, empower & enforce. [7/19]
