Links in “Banks”

Speaking before the House Financial Services Committee, the CFPB director also said that the agencies will soon be releasing guidance on the enforcement of the TILA/RESPA Integrated Disclosures rule, set to take effect 10/3/15. "There will be time for them to work to get it right. They don't have to be perfect the first day." [9/30/15]

TRID goes into effect in less than a week. If you didn't know that, or worse yet, if you don't know what TRID is, stop right here. Don't take this test. But if you are feeling brave, take this quiz to see how prepared you really are. [9/30/15]

Without reforms, the unverified nature of the CFPB's complaint narratives and the failure to allow the accused to adequately respond are growing pains that will "ultimately be its undoing," according to the head of the Mortgage Bankers Association. [9/29/15]

It pays to be popular. Dr. Bernard Siskin, the CFPB's go-to expert in disparate impact, is also the go-to expert of many major banks. His firm has received more than $1 million since 2012 from the CFPB alone. [9/29/15]

The CFPB and DOJ hit Fifth Third Bancorp for an $18 million settlement over the dealer markup rate minority borrowers were charged compared to white borrowers for car loans. The bank says it has no way of knowing the ethnicity of borrowers whose loans are submitted by auto dealers. [9/29/15]

Following the harsh penalties at the hand of the Justice Department for making shoddy FHA loans, many mortgage lenders are abandoning FHA loans, such as JP Morgan Chase, which had 12.2% of the market share two years ago, but only 0.2% at the end of last quarter. [9/29/15]

The DOJ/CFPB's complaint alleges the Hudson City Savings Bank opened branches around, but not in, counties with the highest proportions of minority neighborhoods, generated 80% of mortgage applications outside minority areas, marketed around minority neighborhoods, excluded minority neighborhoods from its assessment area, and paid too little attention to fair lending compliance. [9/28/15]

U.S. Rep Hensarling ("the other Jeb"), who chairs the House Financial Services Committee, is said to be mulling throwing his hat into the ring to fill the vacancy created by Speaker of the House John Boehner's coming resignation. [9/28/15]

The FTC went after Wyndham hotels for its nine security failures that resulted in three data breach incidents that exposed more than 600,00 payment cards and more than $10 million in fraudulent charges. Do any of these nine hit too close to home? [9/28/15]

Besides coming in at a cool $27 million, the largest redlining settlement in history to provide direct subsidies, the Hudson City Savings Bank settlement with the Department of Justice and the CFPB offers other reasons to worry as well. There are more redlining investigations underway. The DOJ isn't sure if the increases are because there are more violations happening now or because redlining investigations have become a priority focus. [9/25/15]