Links in “CFPB”
- Industry Cheers QM Rule Changes
ICAB applauds the final rule that broadens the small-creditor designation under the CFPB's Qualified Mortgage rule from those that make 500 loans annually to 2,000 loans annually. The final rule also expands access to credit for rural customers. [9/22/15]
- Rural and Underserved Areas to Have Greater Access to Credit Following CFPB Rule Changes
On September 21, 2015, the Consumer Financial Protection Bureau made changes to its mortgage rules that will enable small lenders to provide greater credit opportunities in rural and underserved areas. Among other things, the new rules increase the loan origination limit for small-creditors to 2,000 from 500 and broaden the definition of "rural areas." [9/22/15]
- Reg Zâs Annual Makeover
Every year the CFPB adjusts several provisions within Regulation Z to ensure that thresholds and fees correspond with the new year. [9/21/15]
- What the OIG’s Report on the CFPB’s Consumer Complaint Database Missed
A recent study by the Fed's Office of Inspector General regarding the CFPB's consumer complaint database had a number of criticisms. However, much of the study was conducted prior to substantial changes to the database that have since been implemented and address a number of the noted deficiencies. That said, the report expressed concerns about the ability to handle the growing volume of complaints, which have nearly tripled since the study was conducted. [9/21/15]
- Hey, FFIEC, Are You Listening?
With the Oct. 3 implementation deadline for the TILA/RESPA Integrated Disclosures rapidly approaching, nearly 20 trade groups press the FFIEC with a request for clearly articulated details about how examinations will be handled during the transition period. The trade groups are not satisfied with the CFPB's guidance that regulators will be "sensitive to the good-faith efforts" of lenders. [9/21/15]
- Restocking the CFPB’s Advisory Councils
Representatives of 12 consumer groups, nine community banks, and eight credit unions have be appointed to the CFPB's Consumer Advisory Board, Community bank Advisory Council, and Credit Union Advisory Council respectively. Anybody you know? [9/21/15]
- Risk Watch 70: The Top 3 Complaints from the CFPBâs Database
Garnering over 600,000 complaints nationwide since itâs launch in 2011 the CFPB Consumer Complaint Database shines a spotlight into emerging areas of concern. Even if there havenât been any complaints filed against your specific financial institution, Ken Agle, AdvisX President, can show us how to use this snapshotâs information to your advantage. [9/18/15]
- Testimony Reveals Dodd-Frank Has Increased Compliance Costs Five-Fold
During his testimony yesterday before the House Committee on Small Business Growth, Tax and Capital Access, Dixies FCU President/CEO Scott Eagerton reported that compliance costs at his $42 million credit union have risen from $20,000 per year to $100,000 per year since the passage of the Dodd-Frank Act. Julie Gordon, Senior Director of the Housing and Consumer Finance Center testified that small financial institution should be exempt from many of the CFPBâs rules. [9/18/15]
- CFPB Director: Dire Predictions That Our Rules Would Kill Small Institutions “Unsupported Hyperbole”
Speaking before real estate agents, CFPB Director Cordray recaps the accomplishments of the bureau, including its role in addressing the mortgage crisis. He cited naysayers who "offered dire predictions that our rules would lead to the demise of community banks and credit unions... We never believed any of this unsupported hyperbole. And it turns out we were right." [9/18/15]
- New Tools for “Know Before You Owe”
With the new mortgage disclosure rules pending, the CFPB has released new online tools as part of its "Know Before You Owe" initiative aimed at consumers seeking mortgage loans. See also here. [9/18/15]
