Links in “CFPB”

Mary McLeod, who ran the legal department at the U.S. Department of State, will be joining the CFPB as its general counsel. [12/17/15]

Testifying before the House Financial Services Subcommittee on Oversight and Investigations, an ABA official called out the CFPB for its lack of transparency in its data practices. [12/17/15]

CFPB appears to be taking the stance that referrals of any type are not a bona fide service and could be considered a kickback, according to this report. [12/16/15]

Still reeling from the new TILA-RESPA Integrated Disclosures, mortgage lenders got about a five-minute breather before the next big bombshell hit: the CFPB's amendments to the Home Mortgage Disclosure Act. Through the Act, Congress has charged the regulatory agencies with identifying and combating discriminatory practices within the mortgage industry. [12/15/15]

When it comes to characterizing the impact of the TILA-RESPA Integrated Disclosure rule on the mortgage industry, CFPB's Cordray dismissed it as another Y2K/much-ado-about-nothing event. Many in the mortgage industry see it differently, however. "This is the most time-consuming, biggest event that I've ever had to deal with in my 23 years. And that includes the market crash." [12/15/15]

Richard Cordray, Director of the CFPB,  says that implementation of the new TRID disclosures is going smoothly.  Not so, according to a recent report from Moody’s that found over 90% of the mortgage loans reviewed by third parties contained TRID compliance violations. The CFPB declined the request from credit union trade associations that had pushed for a safe harbor from liability period while credit unions and other financial institutions worked through the complex disclosure requirements. [12/14/15]

The CFPB released the results of its 2015 employee survey. Among the findings is that 82.5% of respondents find their work gives them a feeling of personal accomplishment. [12/14/15]

In its fall 2015 semi-annual report, the CFPB points out 5 areas of heightened fair lending risk it encounters. Using recent enforcement actions, AffirmX Regulatory Counsel Chris McCullock illustrates what poor fair lending patterns attract the CFPB's eye. [12/11/15]

The CFPB has released its biennial consumer credit card report, titled, “The Consumer Credit Card Market.” The report identifies a number of card issuer practices, outlining areas of concern as well as potential areas of future regulatory scrutiny. [12/9/15]

The CFPB is requesting to renew OMB approval for an information collection related to Regulation Z, titled, “Loan Originator Compensation Amendment.” Written comments regarding this request are encouraged, and must be received before February 8, 2016 for consideration. [12/9/15]