Links in “CFPB”
- Why You May Want to Give the CFPB’s Responsible Business Conduct Bulletin a Closer Look
While some might dismiss RBC as a whistle-blowing exercise designed to force institutions to air their dirty laundry just to make the regulatorâs job easier, that knee-jerk reaction may be akin to throwing out the baby with the bathwater. [8/1]
- Passed Senate Committee Bill Calls for FHA to Adopt Rules Similar to CFPB’s Qualified Mortgage Rules
Passed by the Senate Banking Committee on Wednesday, the FHA Solvency Act of 2013 is designed to help stabilize the agency's beleaguered reverse mortgages program and strengthen its underwriting standards. [8/1]
- Taking a Closer Look at CFPB’s Self-Policing Bulletin
8/29 webinar to break down the recently released âResponsible Business Conductâ guidelines and how to organize your âself-policingâ efforts (a.k.a. your compliance risk assessment) to better meet rising regulatory expectations. [7/26]
- âFreeâ May Mean Having to Say Youâre Sorry
Consumers are sorry to the tune of $14.3 billion in âgrayâ charges according to a recent survey. CFPB looking into âgrayâ charges, charges that occur when a free subscription (i.e.magazines. Amazon, etc.) period ends and the company automatically begins charging the full subscription rate, which the consumers may not realize before racking up charges they may not be able to afford.
- A Look at Salaries at the CFPB
What happens to paychecks at the CFPB when there is no congressional oversight on funding? The Bureau is under criticism for its salaries, where more than 60% of its employees make more than $100,000 a year, 56 make $200,000 or more and 37 make more than $213,500. [7/25]
- Lawsuit Alleges CFPB Threatens Fundamental Privacy and Financial Security
Morgan Drexenâs lawsuit alleges the CFPB to be unconstitutional and "out-of-control government" agency. [7/24]
- Put on those Reading Glasses: X & Z Amendments Released
CFPB tackles array of Regulation X and Z mortgage rule topics including tough DTI calculation issues on ability to repay (ATR) and prepayment on higher-priced mortgage loans (HPMLs). Exclusions on construction and bridge loans provided on ATR and prepayment penalties.[7/24]
- CFPB Files Complaint Against Lender for Steering Borrowers to High Cost Loans
CFPB alleges Utah mortgage bank violated the Federal Reserve's loan officer compensation rule, which bans compensation based on a loan's terms such as interest rates; bank vigorously denies allegations. [7/24]
- CFPB Storms the Castle
Complaint by CFPB against Castle & Cooke filed for illegal bonuses tied to higher-priced mortgages. Strong guidance document to FIs to review compensation practices tied to interest rates charged (aka Steering). [7/24]
- Chair of Senate Banking Subcommittee Proposes to Put Overdraft Reordering Under CFPB
Sen. Sherrod Brown (D-Ohio) announces he will soon introduce legislation that would empower the CFPB to "crack down" on banks and CUs that "employ predatory practices." [7/23]
