Links in “CFPB”

The CFPB with the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for discriminatory redlining practices that denied residents in majority-Black-and-Hispanic neighborhoods fair access to mortgage loans in neighborhoods in New York, New Jersey, Connecticut, and Pennsylvania. The proposed consent order, if upheld, will mandate $25 million in direct loan subsidies, $2.25 million in community programs and outreach, and a $5.5 million penalty. [9/25/15]

While there are many aspects of purchasing a car, such as price or trade-in value, where consumers could be discriminated against, the CFPB has set its sights on dealer markup, the difference between the rate set by the lender and the one agreed to by the borrower. Here's why. [9/25/15]

How important is it that consumers know before they owe? According to the CFPB, pretty important. The CFPB's newest tool revolves around understanding loan estimates and is readily available to any and all consumers. [9/24/15]

Kelly Cochran, assistant director of regulations at the CFPB, vets every rule that comes out of the agency. What do we know about her? [9/24/15]

"Many of the same entities have sort of migrated over and have now really set their targets in the student loan space." [9/24/15]

The latest CFPB consumer compliant snapshot highlights issues consumers continue to have with their mortgages, including continued problems preventing foreclosure, lack of information when loans are transferred, and trouble making payments. [9/23/15]

The CFPB has made available a Spanish-language translation of the recently revised Home Buying Information Booklet required under TILA and RESPA. It is available for download on the Bureau’s website. [9/23/15]

The CFPB has finalized its proposed rule that increases the total loan threshold from 500 to 2,000 for the small creditor exemption to the ability-to-repay rule/qualified mortgage rule. The intent of the increase is to expand lending opportunities for small lenders, particularly in rural and underserved areas. [9/23/15]

The CFPB's consumer complaint database crossed the 700,000 complaint line in August. Consumer loan complaints showed the greatest percentage increase. Nebraska and Nevada had the greatest complaint volume increases. The complaint snapshot also focused its geographic spotlight this month on Denver. [9/23/15]

The CFPB has finalized several changes to mortgage rules; the most important change for credit unions is the increase of the small creditor exemption from qualified mortgage rules from 500 total loans per year to 2,000. [9/22/15]