Links in “Banks”
- Section 8 Housing Warning
The CFPB has become aware of institutions discriminating against applicants whose income includes vouchers from Section 8 Housing Choice Voucher Homeownership program, and issues a reminder that such practice is a violation of ECOA. [5/12/15]
- What Lurks Inside the Regulatory Relief Bill?
The situation is fluid and murky, but some believe the regulatory relief bill currently making its way toward a vote next week could include changes to the qualified mortgage rule, raising the systemic threshold, changes to privacy notices and exam schedules, and more. Here's more. [5/12/15]
- “Interest Minimizer” Attracts Maximum CFPB Heat
The CFPB files suit against a pair of companies and their owner for deceptive practices concerning its biweekly mortgage payment program called "Interest Minimizer" that claimed customers could achieve savings without increasing their payments. [5/12/15]
- Trade Groups Hail Senate Hearing on Patent Trolls
With litigation by patent trolls against financial institutions both large and small skyrocketing, nine trade associations write to lend their support for a hearing on S. 1137, the PATENT Act. [5/11/15]
- Chicago Bank Becomes Fifth to Fail in 2015
Regulators closed Edgebrook Bank, a $90 million bank in Chicago. This is the fifth such failure in 2015. In 2014, 18 banks failed. [5/11/15]
- Redlining Makes a Return
The practice of charging more or excluding products from certain geographic areas hasn't gone away, according to the CFPB and DOJ. The two agencies are taking a renewed interest in looking at potential redlining among lenders. [5/11/15]
- Is BofA’s $16.7 Billion Settlement Really $16.7 Billion?
Critics are citing instances where Bank of America may be claiming credit toward the $16.7 settlement it reached last year with the Justice Department by "forgiving" loans to borrowers that have already been discharged. [5/8/15]
- Dodd-Frank’s Drag on the Economy? Perhaps a $895 Billion Drag…
Supporters of Dodd-Frank cite studies that show the last economic crisis cost $14 trillion. Detractors point to a study that Dodd-Frank could reduce economic output by $895 billion over the next decade. [5/8/15]
- Has the Dodd-Frank Pendulum Swung Too Far?
The House Financial Services Subcommittee intends to find out whether Dodd-Frank has resulted in regulatory overreach in a hearing next week. [5/8/15]
- Reasons to Worry About the CFPB’s Credit Report Study
The CFPB released a report about the characteristics of consumers without traditional credit reports or credit scores. Where this may be headed could potentially harm all stakeholders, from those who make the credit decisions, to those consumers impacted by those decision. [5/7/15]
