Links in “Agencies”

October doesn't just bring Halloween this year, but the long anticipated TILA-RESPA Integrated Disclosure rule (TRID). Following in the CFPB’s footsteps, the FDIC has provided guidance of its own in connection with the new rule and how initial examinations for compliance with this rule will be handled. [10/5/15]

The CFPB posted in the Federal Register its final rule that revises the Bureau's regulatory definitions of small creditor, and rural and underserved areas, for purposes of certain special provisions and exemptions from various requirements provided to certain small creditors under the Bureau's mortgage rules. These include raising the loan origination limit for determining eligibility from 500 origination to 2,000, a grace period for those that exceed numbers, revising the definition of rural and underserved and safe harbor provisions. [10/2/15]

The CFPB announced a $48.4 million enforcement action that includes a $4.25 million civil penalty against Westlake Services, LLC and Wilshire Consumer Credit an indirect auto finance company and its auto title lending subsidiary for pressuring borrowers using illegal debt collection tactics. [10/2/15]

The Justice Department announced $186 million in settlements from the big five mortgage services for an additional 1,461 service members and their co-borrowers bringing the total settlement compensation to $311 million under the protections of the Servicemembers Civil Relief Act (SCRA). The settlements stem from servicers obtaining foreclosure without a judicial proceeding or where the servicer obtained a default foreclosure judgment without filing a proper affidavit with the court stating that the service member was in military service. [10/2/15]

The NCUA joined other regulatory agencies in promoting awareness of cybercrime and terrorism as part of the annual National Cyber Security Awareness Month. The NCUA is scheduled to join others in promoting awareness of action including the release of a new cybersecurity assessment tool.[10/2/15]

The OCC released its list of Community Reinvestment Act (CRA) performance evaluations for September for 22 covered institutions with five rated outstanding, 17 satisfactory and none rated needs to improve or substantial noncompliance. [10/2/15]

The CFPB released a report stating that consumers of student loans have complained of “sloppy practices” that contribute to default. The CFPB plans to take action against such practices. [10/1/15]

The U.S. Department of Housing and Urban Development has issued over $38 million in grants to groups opposing housing discrimination. These groups will seek to: eliminate discriminatory housing practices, educate the public and housing providers about their rights and responsibilities, and enhance the enforcement of the Fair Housing Act.

When the CFPB's director testified before the House Financial Services Committee this week, he cited the growth of mortgage originations, credit cards, and auto loans as counters to the concerns that the bureau's creation would adversely impact lending. But committee members didn't let him off that easy, challenging the bureau on such issues as the "downright insulting" use of borrowers' last names to determine who are minority auto buyers and the failure to take into account FICO scores when determining whether minority borrowers are paying more ("a lot of banks have moved away from" the practice, countered Cordray). [10/1/15]

Although many financial institutions are still wary to serve legal marijuana-related businesses due to current risk of enforcement, some institutions have begun seeking such service following positive guidance issued by both the Department of Justice and FinCEN. [9/30/15]