Links in “CFPB”
- Mortgage Originator Fined for Impermissible Compensation Scheme
The CFPB has filed suit against RPM Mortgage, Inc. for violating the Loan Originator Compensation Rule and the Consumer Financial Protection Act. The suit alleges that the company CEO designed and implemented a scheme that allowed loan originators to receive compensation tied directly to the interest rate of the loan through their individual expense accounts. [6/16/15]
- CFPB Semi-Annual Report
The CFPB has released its seventh semi-annual report. The report covers topics such as consumer challenges, regulations and guidance, enforcement, fair lending, and diversity and excellence. [6/16/15]
- Most EEO Complaints, Fewest Employees? CFPB
A year after enduring negative attention in the media for its employment evaluation practices and subsequently pledging to put its house in order, the CFPB is still the subject of dozens of equal opportunity complaints. Of the four federal banking agencies, it has the most EEO complaints, despite have the fewest employees. "I don't think the CFPB is scared of Congress. They weathered the storm and feel more empowered." [6/16/15]
- How the CFPB Spends its Contract Dollars
The CFPB releases its service contract inventory. Among the top 10 items are a $6 million advertising contract and a $4.3 million contract for outside help to review mortgage loan application data. [6/16/15]
- CFPB Blog Seeks Feedback on Student Loans
The CFPB is promoting through its blog efforts to gather information regarding student loan servicers and challenges with student loan debt and repayment roadblocks. Areas of interest including disclosures accuracy, payment processing, late fee imposition, complaint resolution and credit information furnishing. Such fodder will provide material basis for potential actions against loan servicers. [6/12/15]
- CFPB Rule Grants Itself More Supervisory Powers on Nonbank Auto Finance Companies
A new ruling by the CFPB will allow it to supervise larger nonbank auto finance companies for the first time. Oh, and by the way, it updated its Supervisory and Examination Manual for bank and nonbank auto finance companies. Better know what they're going to be looking for. [6/11/15]
- NAFCU Backs TILA/RESPA “Hold-Harmless” Period
The NAFCU and 17 other trade groups joined together in urging the House Financial Services Committee to pass a reasonable hold-harmless period for financial institutions implementing the CFPB's TILA/RESPA integrated mortgage disclosures rule. [6/10/15]
- Interagency Diversity Expectations Released
Fulfilling a requirement of the Dodd-Frank Act, the FRB, CFPB, OCC, SEC, FDIC, and NCUA have created an interagency policy statement related to diversity policy and practice standards expected of regulated institutions. Also take a look at the final statement and the board voting. [6/10/15]
- The Hunt is on for Loan Originator Compensation Violations
The CFPB hits another company for violations of Reg. Z loan originator compensation violations. The company paid fees to marketing services entities, whose owners included branch managers and loan originators. [6/10/15]
- The New Appraisal Rule has been Appraised
A final rule has been adopted by the OCC, Board, FDIC, NCUA, CFPB, and FHFA that sets forth minimum requirements in the Dodd-Frank Act for appraisal management companies. [6/9/15]
