Links in “Agencies”

Links to Remarks and Testimony promote Flexibility, Transparency, Awareness (think UDAAP). [6/25]

Not sure if it helps, but the CFPB has issued proposed clarifications to the new mortgage rules that address issues related to: 1) Mortgage servicing and loss mitigation applications; 2) Short-term forbearance plans; 3) Lending in rural and underserved areas; 4) Financing of credit insurance premiums; 5) Definition of loan originator; and 6) Manufactured housing employees. [6/25]

In response to requests from congress, Cordray responds in a letter that the CFPB is examining possible discrimination beyond the housing and auto finance market. [6/25]

Reading between the lines: With Financial Crimes Enforcement Network announcing shift in organizational structure that moves enforcement from a function within each division to its own division, greater attention to enforcement seems likely. [6/25]

Freddie Mac announces it will not charge credit union mortgage sellers and servicers a fee if they don’t meet minimum activity levels provided they handle at least one Freddie Mac loan over a 3-year period; fee was scheduled to go into effect 1/1/14. [6/24]

Banks in Missouri, Kansas, Nebraska and Mississippi hit with C&D and civil money penalties. [6/24]

Asks for rationale for on fair lending guidelines for auto lenders over concerns that they may weaken competition by limiting consumer's ability to negotiate with the dealer to obtain lowest financing terms. [6/24]

NCUA and other agencies like to issue guidance in the form of legal opinion letters, BSA Manuals, Letters to Credit Unions, etc. However, guidance is not law; hence, how should credit unions react when their regulatory agency issues guidance on a particular subject matter? [6/20]

Testimony by FAS Gregg of the Treasury on the efforts to expand paperless EBP. [6/20]

300 new hires this year, 300+ to come in 2014; 40% heading to division of Supervision, Enforcement, and Fair Lending. [6/19]