Links in “Agencies”

The CFPB has assured leniency with lenders who make a “good faith” effort to comply with TRID, lenders may still face liability from private lawsuits, and are encouraged to implement policies and procedures which ensure compliance. [10/14/15]

The CFPB recently held a preliminary hearing regarding proposed rules that would limit the use of arbitration agreements in contracts for financial products and services.  According to the CFPB's director, the rules being considered would benefit consumers by preserving their rights to litigate their claims and by adding clarity to the arbitration process.  [10/13/15]

The director of the CFPB's fair lending office says that fair lending for small business loans is on the CFPB's radar and is the fourth fair lending product priority (after mortgages, auto loans, and credit cards). [10/13/15]

The CFPB posted a much anticipated bulletin aimed at providing guidance to the mortgage industry regarding marketing services agreements (MSAs). The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral fees, and describes examples from the CFPB’s enforcement experience as well as the risks faced by lenders entering into these agreements. The CFPB expresses grave concern over MSAs and issues strong warnings noting the legal and regulatory risk for lenders utilizing MSAs. [10/9/15]

Richard Cordray of the CFPB spoke at a meeting of the Credit Union Advisory Council addresses key aspects of payment systems emphasizing primary concerns of transparency, security, and access. [10/9/15]

OFAC took action against three Honduran businessmen and seven businesses under the Kingpin Act for playing a significant role in international Narcotics Trafficking. Banco Continental S.A. is deemed to have served as an integral part of the Rosenthal money laundering operation. [10/8/15]

Under a new rule proposed by the SEC, certain open-end funds would have to adopt written liquidity risk management programs.  These programs would include classification of each asset according to liquidity, periodic review of liquidity risk, and management of liquidity risk.  [10/6/15]

In order to reduce costs and increase the speed of the loss claim process, The Rural Housing Service (RHS) intends to amend rules for the Single Family Housing Guaranteed Loan Program (SFHGLP).  As a result of the amendment, when a Real Estate Owned property (REO) remains unsold by a lender, the lender would be required to order a liquidation value appraisal.  Associated costs would be included in liquidation costs. [10/6/15]

Three big agencies (CFPB, Education and Treasury) have teamed up to present a framework for standardizing servicing in the student loan sector. They targeted four key areas for reform to ensure that student loan servicing is consistent, accurate and actionable, accountable, and transparent. Here's what they mean by that. [10/6/15]

The dreaded TILA-RESPA Integrated Disclosure rule became effective over the weekend on October 3^rd. Last Friday the CFPB released a letter informing institutions how this new rule will be handled during initial examinations. [10/5/15]