Links in “CFPB”
- CFPB Seeks to Help Protect Servicemembers’ Credit
The CFPB recently released a Fraud Alert Fact Sheet aimed to help service members protect their credit while deployed on active duty. The sheet details how to sign up for an Active Duty Alert, which places restrictions on opening new lines of credit in the servicemember's name and forces lenders to thoroughly verify their identity. [9/2/15]
- Donât Make Us Tell You Thrice: The CFPBâs Homeownership Counseling Guidance
In 2013, the CFPB issued guidance on providing mortgage applicants with a list of homeownership counseling organizations. This spring, the bureau not only restated that guidance, but also added further guidance for mortgage lenders. With this further clarification we can expect to see greater scrutiny from the CFPB. Has your institution incorporated the new guidance on mortgage lending? [9/1/15]
- Mortgage Reports Ready for Review
The CFPB and Federal Housing Finance Agency have released two reports for your reading pleasure - the National Mortgage Database Report and National Survey of Mortgage Borrowers Report. [8/31/15]
- CFPB Gets More Congressional Heat to Implement “Small Business HMDA”
Need more data collection rules? You'll get them if 84 members of the House have their way. They have just added their voices to a group of 19 Senators to urge the CFPB to implement a section of Dodd-Frank that requires financial institutions to collect data on small business lending, such as race, sex and ethnicity of the principal owners of the business. [8/31/15]
- NAFCU: CFPB’s Complaint Database Undermines Ability to Resolve Problems
The CFPB's consumer complaint database has practical implications that undermine the complaint resolution process. NAFCU calls on the CFPB to fix it. [8/31/15]
- CFPB to Students: Better Shop Around
CFPB warns students that just because a bank account may be marketed to them with their college's logo on it, it doesn't always mean it's a good deal for them. [8/28/15]
- Ninth Circuit Short-Circuits CFPB’s Attempt to Make Law Via Amicus Brief
The CFPB's attempt to make law through filing amicus briefs was called out when the Ninth Circuit ruled that while it agreed with the CFPB, it did so only because the agency's interpretation was consistent with the statute, not the regulation. [8/28/15]
- What Can Be Learned From Auto Dealer Fair Lending Practices
When it comes to discretionary markups on auto loans, nonbank finance companies are hunkering down for some heavy-duty CFPB scrutiny. Here are some steps the smart ones are taking now to avoid getting in fair lending hot water due to, for example, a subsequent analysis that indicates average financing compensation that is 20 basis points higher for a minority group than for a non-Hispanic white consumer group. [8/27/15]
- Credit Report Complaints Surge 56% in July
The number of complaints skyrocketed over the previous month. The CFPB is taking notice. "The bureau will continue to work to ensure that credit reports are fair, accurate, and available to all consumers." [8/26/15]
- CFPB Shines the Spotlight on Credit Reporting
The CFPB cites a "sharp increase" in credit reporting from June to July 2015. It also blogs about it here. [8/26/15]
