Links in “Banks”
- What Cordray Missed: Payday Lending Rules Would Kill Payday Lenders
CFPB Director Cordray made his opening remarks to a room of payday lenders, then left. The rest of the session featured a succession of payday lenders trying to convey to CFPB officials that its proposed rules would wipe out their industry. [5/1/15]
- Thirteen States Get a Federal Nudge to Up their Appraisal Regulation Game
Federal regulators are encouraging all states to register and supervise appraisal management companies that contract with licensed and certified appraisers that perform appraisal assignments for banks and other lenders. There are 37 states that already meet the minimum requirements, but the remaining states have 36 months to establish a regulatory structure or face additional measures. [5/1/15]
- What’s in the CFPB’s Fair Lending Report?
Here's a breakdown of what's in the CFPB's recent report of its 2014 fair lending activities, which resulted in $224 million in remediation. [4/30/15]
- House Bill Would Delay Military Lending Measures
A measure added to a military funding bill would include a one-year delay on Dept. of Defense rules meant to shield servicemembers from high-cost lending. [4/30/15]
- Reading the CFPB’s Tea Leaves
A panel discussion in New York City provides glimpses into what's coming up on the CFPB's radar, from whistleblower provisions, what non-bank industry is next, and where debt collection rules are heading. [4/29/15]
- Why $50 Million in Illegal Overdraft Fees = Only a $7.5 Million Fine
$119-billion Regions Bank in Alabama charged nearly $50 million in illegal overdraft fees, but was hit with only a $7.5 million fine after it discovered the error, reported it to the CFPB and began refunding the fees. [4/29/15]
- Never Tell Me the Odds: UDAAP Strikes Back
Not so long ago, in a galaxy that is actually pretty close, attention to UDAAP heated up like a summer blockbuster. Here's a fun overview of UDAAP. [4/28/15]
- DOJ, Quicken Slugging it out in Court
The Department of Justice sued Quicken for making hundreds of improper loans through FHA. But the nation's third-largest mortgage lender has a few lawyers of its own and shot back with its own complaint saying it was being pressured into making admissions that were "blatantly false." [4/24/15]
- Cut CFPB Funding? White House Says No
White House advisors would recommend that President Obama veto a bill that would reduce CFPB funding. [4/24/15]
- ECOA Alive and Kicking
As of the end of 2014, DOJ and the CFPB were conducting 10 joint fair lending investigations. The investigations involve race, national origin, sex, marital status, age and source of income. In addition, each agency has its own set of investigations it is conducting. [4/24/15]
