Links in “Lending”

CFPB drops the hammer on ITT Educational Services over alleged predatory lending practices, accusing the for-profit educator of violations on the ban against unfair, deceptive or abusive practices by strong-arming students into high-interest loans, among other allegations. [3/3]

Director Cordray calls CFPB a "regime that will govern the mortgage servicing market—including both the banks and their nonbank competitors—in perpetuity." But Congress has taken up a bill that could changes things for the CFPB, instituting a five-member commission and subjecting it the regular appropriations process. [2/28]

CFPB's Richard Cordray's speech to the National Association of Attorneys General addressed highlights of the agency's work, including efforts with four states Attorneys General offices, use of real-time access to complaints system, mortgage services industry efforts, and collections efforts -- all part of the "crusades we are undertaking together to improve life for American consumers." [2/27]

Payday, title loans and other small-dollar lending products are on the CFPB's plate for 2014. [2/27]

New interagency consumer compliance examination procedures for the mortgage rules issued pursuant to the Dodd-Frank Act released that will guide both examiners and FIs. Critical review for all FIs. [2/26]

Connecticut mortgage lender self-reported potential RESPA violations and reaches a $83,000 settlement with CFPB. [2/25]

Despite reports that large banks are crushing community banks in small-business lending, the facts are that almost 60 percent of small business loans are provided by institutions with less than $10 billion in assets. [2/25]

FinCEN finalizes anti-money laundering (AML) regulations regarding SAR filing issues as they relate to mortgage fraud and money laundering. [2/21]

While the CFPB had earlier pledged to take into account the good faith efforts of financial institutions to comply with the flood of new mortgage servicing rules, the bureau is now making clear that a "good faith effort does not mean services have the freedom to harm consumers." [2/21]

Agency's #2 says servicers have had more than a year to prepare for the reform rule that took effect last month, suggesting the CFPB would move quickly and harshly against violators. [2/20]