Links in “Lending”

The CFPB recently released a report outlining the most common consumer complaints regarding reverse mortgages. The report aims to inform consumers about the unique aspects of reverse mortgages in an effort to protect individuals from financial trouble. [2/10/15]

Do you know the red flags that regulators are currently watching to identify potential violations of fair lending requirements in marketing and advertising practices? This article looks at enforcement trends, the issues that need to be addressed regarding targeted marketing campaigns, and the need to ensure that differences in lending practices are based on credit-related factors. [2/6/15]

Corinthian College is on the hot seat for conducting what the CFPB has defined as “predatory” lending. The current and former students of Corinthian College will be receiving a total of $480 million in debt relief. [2/4/15]

While the private student loan market enjoys more than a 97% repayment rate, the CFPB continues its scrutiny with a recent round of letters to certain market participants asking what they have done since last year's meeting to develop loan modification options. See also this. [2/3/15]

Two car title lenders, First American Title Lending of Georgia, LLC, and Finance Select, Inc., were charged with deceptive advertising. Both companies advertised an interest rate of zero percent for a 30-day car title loan without disclosing important conditions. [2/2/15]

Federal and state regulators have jointly issued guidance for private student lenders concerning loans with graduated payment terms at origination. The guidance addresses the need for prudent underwriting and clear disclosures that ensure that students understand the timing of new payments and avoid payment shock. [1/30/15]

The FFIEC members issued guidance for financial institutions on private student loans with graduated repayment terms at origination in an effort to recognize challenges for many in today's competitive job market that places heightened financial strain on graduates looking to repay student loans. Notwithstanding, the FFIEC members continue to champion prudent underwriting and education on features of loan terms. [1/30/15]

Former Mississippi State Senator Tommy Robertson served as board attorney for $195 million Singing River FCU. Now he’s accused of using that position to embezzle more than $484,000 from loan escrow proceeds. [1/27/15]

Regulatory burdens are taking their toll, as more banks are considering exiting this market. 78% say they have increased the number of staff members dedicated to lending compliance. [1/27/15]

Currently, student loan debt cannot be discharged, even in a bankruptcy. The Discharge Student Loans in Bankruptcy Act would change that. [1/27/15]