Links in “CFPB”
- New Toolkit for Potential Student Debt Relief for Qualified Individuals
CFPB wants the message out that if you're having trouble with student debt and you're a teacher, government worker or employed in qualified employment that there is help. New toolkit offers guidance. [8/28]
- Examples of Mortgage Servicing Issues Uncovered in CFPB’s Reviews
Failure to disclose transfers of servicing, late payments of property taxes, missing denial notices are among the deficiencies noted; what the CFPB expects in terms of remediation is also reviewed. [8/28]
- CFPB Adds Muscle
New additions to leadership team reflect heavy government, legal and academic backgrounds. Banking background? Not so much. [8/27]
- ABCs of CFPB’s CMS
Although the CFPB states that it doesn't require any specific structure for an effective compliance management system, it puts forth what it sees as the four independent control components of an effective CMS. [8/26]
- CFPB Countersues Morgan Drexen
Last month, Morgan Drexen sued the CFPB, claiming its structure violates the Constitutionâs separation of powers. This week, CFPB sued Morgan Drexen alleging the company charged advance fees for debt relief services in violation of the Telemarketing Sales Rule (TSR) and engaged in deceptive acts and practices in violation of the Consumer Financial Protection Act (CFPA). [8/22]
- Oh, We Got Trouble My Friends!
With a capital "S" as in "servicing"! CFPB report declares inadequate compliance systems for handling mortgage servicing at banks and nonbanks. Problems center on sloppy account transfers, poor payment processing, and loss mitigation systems. Declares the fix a high priority. [8/22]
- Mortgage Servicing Issues Continue to Linger, According to CFPB
Recent CFPB exams found mortgage services still lacking important paperwork, failing to tell customers when a loan is transferred to another company, or not processing mortgage payments accurately or timely when there is a change of address or cancellation of mortgage insurance payments, resulting in higher fees for borrowers; examinations being opened. [8/22]
- Report: CFPB’s To-Do List Includes Expanding ECOA, HMDA Data Collection
To-do list includes implementing the Dodd-Frank amendments to the Equal Credit Opportunity Act that require financial institutions to collect additional data on credit applications made by women- or minority-owned businesses and small businesses as well as much more Home Mortgage Disclosure Act data. [8/21]
- CFPB Files Against Deception and Illegal Fees
Nationwide debt-settlement company charged with deception and illegal fees. "No Upfront Fees" and "Debt free in Months" turn out to be far from reality. [8/21]
- Closer Look at Mortgage Rules in CFPB’s Revised Exam Procedures
A recap at last week's update to exam procedures finds they generally "restate existing rules with little added value." [8/20]
