Links in “Lending”
- Is CFPB’s Student Loan Report Merely Laying the Groundwork for Future Rulemaking?
CFPB's report on student loan complaints, particularly what happens when a co-signer dies or becomes insolvent, was soft on some key details, but appeared to be geared toward laying the groundwork for future rulemaking. [4/30]
- CFPB to Tribal Lenders: You Are Still Companies Subject to Civil Investigation Demands
CFPB seeks to persuade California court to enforce its civil investigative demands to three tribally affiliated payday lenders. [4/30]
- Challenging the CFPB’s Student Loan Complaint Report
If a co-signer for a student loan is in place, then it was likely the basis for the loan terms that were approved by the bank in the first place. Hence, it stands to reason that the death or bankruptcy of a co-signer may at least warrant consideration of whether to declare a default and accelerate the loan balance. Failure to do so could be considered an unsafe and unsound practice. [4/28]
- Paperless Closing: Elusive Goal or Real Possibility?
eClosing mortgage pilot project, which the CFPB is billing as not part of a rulemaking process, but a potential best practices initiative, has a target start date of October 2014. [4/25]
- Texas City Targeting Payday Lenders
Midland, Texas' proposed ordinance would limit loans to 20% of consumer's monthly income, no more than four installments, and prohibit renewals or refinancings. [4/25]
- Lenders Grappling with Pending Closure Process Changes
The hard work of preparing for pending changes to the mortgage loan closing process is just beginning, but already there is frustration mounting. [4/24]
- Operation Choke Point: “Direct Assault” on Free-market Economy
Former FDIC chair calls Operation Choke Point, a DOJ initiative targeting payday lenders, "both alarming and repugnant." [4/24]
- CFPB Presents 4 Mortgage Closing Challenges for Consumers
CFPB blog and report on the challenges of mortgage closing notes four primary areas including lack of sufficient time, quantity of paperwork, complexity of documents and errors in documents. Report further notes upcoming CFPB solutions to aspects of the closing process aimed at addressing those challenging areas. [4/24]
- NCUF and Filene Partner in Subprime Auto Lending Program
The National Credit Union Foundation and the Filene Research Institute are partnering with 14 credit unions in a subprime auto loan program. The program designed to assist low- to moderate-income borrowers is being funded by the Ford Foundation. [4/23]
- Cybersecurity: What U.S. Lenders Can Learn from their Middle East Counterparts
The Middle East has been a hotbed of cyber attacks for some time. Recently several Middle East banks were hit by a malicious botnet disguised as a banking app. Here are some things U.S. banks can learn from these attacks. [4/22]
