Links in “Lending”
- Some Banks Testing Wiggle Room in Credit Card Add-ons
Rather than abandoning lucrative credit card add-on services after receiving hefty fines from the CFPB, certain lenders are coming back with variations on the theme in an effort to test how much wiggle room there is with regulators. [9/17]
- Does CFPB Impact Business Purpose Loans?
Questioner asks if CFPB affects loans for business purposes and not on a primary residence. Here is the response. [9/16]
- January Compliance: A Moving Target?
More ability-to-pay rule changes are forthcoming, and CFPB isn't interested in pushing the January 2014 deadline, although it is pledging to be "sensitive" to the good-faith efforts of lenders to be ready on time. [9/13]
- More Mortgage Rule Changes Coming “Any Day Now”
CFPB director says additional changes to servicing, ability to repay and loan originator compensation rules are coming "any day now," but shows no receptiveness to delaying the effective date. [9/12]
- Re: Regulating Referrals and RESPA
A recap of some of the ways lenders can get into trouble by inappropriately compensating someone for providing referrals. [9/12]
- Ginnie Mae Wants to Attract Credit Unions
Ginnie Mae Pres. Ted Tozer announced to attendees at NAFCUs Congressional Caucus that they are eager to attract smaller mortgage lenders, like credit unions. He announced a new product, the MPF Government Mortgage-Backed Securities, that is specifically designed for lenders that donât have direct access to the secondary market. The new product will be rolled out initially to participating members of the Chicago FHL Bank in Illinois and Wisconsin and then made available on a broader scale in 2014. [9/11]
- Get Ready for Expanded Regulatory Requirements and More Exams for Fair Lending & HMDA
Both the CFPB and NCUA have indicated that they will be focusing more intently on Fair Lending and HMDA data collection in 2014. This increased focus will include additional fair lending exams and a possible expansion of the HMDA-like government monitoring requirements to include auto loans, business loans and credit cards. [9/10]
- Q: Are Home Construction Loans Subject to HOEPA Rate Limitations?
The definition of a HOEPA loan is undergoing revisions effective 1/10/14; here is some guidance on the issue. [9/9]
- NCUA Releases Quarterly U.S. Map Review Report â How Did Your State Fare?
The report shows strong membership and loan growth for the year ending June 2013. Idaho and Oklahoma led in loan growth, while Idaho and California had the strongest membership growth. See how your state fared in these and other key areas. [9/6]
- NY Extends CRA to Turn Banks into Slumlord Monitors
Under the new guidelines, the state will block CRA credit to banks who lend to landlords in low-income areas with a high number of housing code violations and give positive CRA consideration to those that make sure their landlord customers do not have many housing code violations. [9/6]
