Links in “Lending”
- “Auto Defaults” on Student Loans Hit CFPB’s Radar
Some student lenders demand borrowers pay back the entire student loan upon the death or bankruptcy of a cosigner, even if the borrower has never missed a payment, a practice that the CFPB is criticizing. [4/22]
- Two Crafters of New Mortgage Rules at CFPB Join Wells Fargo
Wells Fargo hires two former CFPB officials who had a hand in guiding the agency through its rulemaking on mortgage loans that took effect in January. [4/18]
- Risk Watch 9: The Art of Dealing with Money Services Businesses
Money services businesses offer a very valuable service to their customers. Unfortunately, these businesses are also a favorite for money launderers. In this episode of Risk Watch, expert Jane Pannier will provide compliance guidelines for financial institutions that offer or maintain accounts for MSBs.
- BofA Taps $50B Fund for Another $1B
Bank of America settles faulty mortgages claim with Financial Guaranty Insurance Co. for $950 million. The bank has set aside $50 billion to resolve such disputes with regulators and investors. [4/17]
- Capping Too-Big-to-Fail Banks’ Financial Dealings with Each Other
Effort to limit the chance of a single failure dragging down multiple lenders results in rules that will cap financial dealings with one another at 15% of capital. [4/16]
- CFPB’s Paid Audience Member Plant
An outspoken critic of the indirect auto lenders was in the audience at a recent CFPB forum and was called upon to speak as an audience participant. What the audience didn't know was that the CFPB had flown him in and put him up. Makes one wonder what the FTC would have to say about that. [4/16]
- Banks Under $1B Provide 60% of Agricultural Lending
Banks with asset sizes of less than $1 billion provide nearly 60 percent of all commercial bank agricultural lending. [4/15]
- Next Round: CFPB v. Tribal Payday Lenders
CFPB issued a civil investigative demand in June 2012 to three tribally related payday lenders. The lenders requested the CFPB set aside the CIDs. The CFPB denied the petition, but granted the lenders an extension to October 2013, a date which has come and gone without further response. Now the CFPB has filed a petition in U.S. District Cout seeking to enforce the order. [4/15]
- Number of Homeowners 60+ Days Delinquent Drops in Half
Report on decrease in loan modifications points out that in December 2009, there were 4.13 million homeowners more than 60 days delinquent on their mortgages, more than twice the current number. [4/15]
- Here’s What’s on CFPB’s Radar for the Rest of 2014
Payday lending, prepaid cards, privacy notices are priorities for the CFPB in the coming months, according to its general counsel. [4/14]
