Links in “Lending”

The CFPB blogs about its rule making process associated with small businesses, small government, and organizations as mandated under Dodd-Frank. The blog notes that the rule making process will include feedback from consumers, consumer advocates, other regulators, and industry representatives. [3/27/15]

The CFPB is expected to release its proposal for sweeping reforms to the short-term loan business today. [3/26/15]

Pretty much every trade association in the country signed a letter requesting that the CFPB implement a grace period through the end of the year for those institutions seeking in good faith to comply with the TILA-RESPA Integrated Disclosure. [3/20/15]

A trade group tells Congress that regulatory overkill is hurting the very people it is meant to help by pushing would-be homeowners into the rental market and thereby driving rents up, raising the fees for low-dollar loans, and making it hard for people like teachers and doctors to obtain a mortgage for relocating to a new town. [3/19/15]

Nationally, loans grew at an average pace of 3.8% at credit unions for the 4^th quarter, 2014. Arizona with a growth rate of 10.4% and Idaho with a rate of 9.7% were on fire. [3/13/15]

Payday lenders in some southern states may have escaped regulations, but they can't escape the wrath of some major churches, who have passed resolutions calling for curbs on such lending. "It's against every kind of moral instruction we have." [2/20/15]

The SBA has developed a new tool called LINC (Leveraging Information and Networks to access Capital) to connect small business owners and entrepreneurs with potential lenders in their geographic area.  Business owners will complete a short questionnaire that will be sent to every lender in the business owner’s county.  Once lenders have reviewed the information they will respond within 48 hours. [2/13/15]

The CFPB has taken action against a Maryland-based nonbank lender, NewDay Financial, for deceptive advertising and kickback schemes. The company will pay $2 million in civil money penalties. [2/11/15]

Maryland-based lender NewDay Financial was hit for a $2 million penalty for deceiving consumers about a veteran's organization's endorsement and for a scheme to pay kickbacks for customer referrals. [2/11/15]

CFPB releases a study that finds consumers are confused by reverse mortgages. "It is essential that the terms, conditions and servicing of reverse mortgages be fair and transparent so that consumers can make informed decisions regarding their options." Stay tuned for further regulatory developments on this front. [2/10/15]