Links in “CFPB”
- Overview of CFPB’s Fall 2013 Agenda
Breakdown of the various regulations by where they are in the rulemaking stage, from prerule to final rule. [12/9]
- CFPB Issues Defintion of Larger Student Loan Servicer
Most FIs are likely safe from coming under CFPB auspices. Definition requires servicing of 1,000,000 student loans. De-qualification requires two years after reduction of student loan accounts below level. [12/9]
- CFPB Ombudsman’s Report Addresses Increasing Transparency of Examination Process
Among other issues addressed in the CFPB Ombudsman's 2nd annual report is the issue of transparency in the examination process, including providing information on who composes the examination team up through the Regional Director, designating the Examiner-in-Charge as a point of contact, and other recommendations. [12/6]
- CFPB Serves Notice to Non-Bank Student Loan Servicers
Expansion of coverage on student loan servicers will include all major players in the market. Key focus of new requirements include focus on prepayment stumbling blocks, partial payment snags and servicing transfer surprises that frequently result in late charges. [12/3]
- Reading Between the Lines of the CFPB’s Report on Compliance Costs
Industry observer sees little cause for optimism that CFPB will be sensitive to opportunity costs lost to compliance burdens based on its recently released report on compliance costs. [12/3]
- Signs of a Looming Crackdown on Payday Lenders
Industry observers note the signs of the FDIC, OCC and CFPB moving toward enforcement actions and new rules. [12/3]
- Expansion of Military Lending Act Coverage Coming?
CFPB appears poised to tighten definitions to stop lenders from going around the title loan limits, according to testimony before a Senate committee by Holly Patraeus, the bureau's assistant director with the Office of Servicemember Affairs. [11/27]
- Industry Groups Respond to CFPB Mortgage Servicing Rules
Three trade associations (ABA, CBA and MBA) send 4-page letter to CFPB outlining their concerns over the interim final rule that amends mortgage servicing rules. [11/26]
- Key Differences Between Proposed and Final TILA-RESPA Rule
CFPB breaks down the key differences between the proposal and the 1,888 final rule. [11/25]
- Regulations Are Good Medicine… Maybe
CFPB's latest 176-page report intro notes that well-designed regulations can help enhance market efficiency and fairness without imposing undue burdens. However, as the conclusion of the report notes: "The ultimate benefits and costs of a regulation are difficult to measure." [11/25]
