Links in “CFPB”

CFPB seeks information on key consumer “pain points” associated with mortgage closing and how those pain points might be addressed by market innovations and technology. Comments are requested from all sectors associated with loan closing. [1/3]

The next phase of the CFPB’s “Know Before You Owe” initiative will be to identify ways to improve the mortgage closing process for consumers and includes 17 questions about “what consumers find most problematic about the current closing process.” The CFPB’s questions appear to proceed from the assumption that any closing “problems” stem from the lender’s actions. [1/3]

114-page document promotes CFPB's key themes of "Listening to Consumers," "Delivering for American Consumers and Leveling the Playing Field," and "Building a Great Institution." [12/31]

ABA letter to CFPB and HUD proposes solutions for problems financial institutions may have in producing the homeownership counseling disclosure for applications beginning Jan. 14, 2014. [12/27]

A look back at the CFPB's busy 2013, including qualified mortgages, ability to repay and a slew of other regulations.[12/27]

American Express settles allegations that it used to deceptive marketing and unfair billing practices in selling credit card add-on products to its customers. $59.5 million will go to restitution to customers and $16.2 million will to go three separate penalties to the CFPB, the FDIC and the OCC. [12/26]

CFPB's consumer education efforts include statements that "borrowers who fall behind now have more options to take control" and the CFPB will "stand with borrowers." [12/24]

CFPB and DOJ file $35 million joint complaint against National City Bank (through successor PNC Bank) for seven-year span (2002 to 2008) of charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers. [12/24]

DOJ and the CFPB bring the hammer down, announcing the largest auto loan discrimination settlement in history against Detroit-based Ally Bank for engaging in nationwide pattern or practice of racial discrimination involving overages. Action comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. See also this coverage. [12/23]

CFPB and DoJ action against Ally Bank comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. [12/23]