Links in “CFPB”

The CFPB filed a complaint in federal district court and is seeking a combined $20 million in penalties for redress against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt. The company was found illegally paying bonuses and higher commissions to loan originators as incentives to steer consumers into costlier mortgages. [6/5/15]

While the CFPB's pledge to be "sensitive" to good-faith efforts to comply with the TILA-RESPA Integrated Disclosure rule, ICBA calls for a more defined grace period through the rest of 2015. ABA concurs. [6/4/15]

In a new blog post, the CFPB outlines the three day rule found in the new integrated mortgage closing disclosures, or the"Know Before You Owe" mortgage rule. [6/4/15]

The CFPB takes its acronym game to a new level as it launches the ROADS (Reach Outcomes. Achieve Dreams. Succeed.) to Financial Independence program to help the financial lives of people with disabilities. The program includes a financial assessment, access to financial counseling, planning resources, and guidance for an improving financial situation. [6/4/15]

The Hill speculates that the CFPB's forthcoming payday loans and Operation Choke Point are part of a larger plan. [6/3/15]

The CFPB and DOJ entered into a proposed consent order with Provident Funding Associates regarding its broker compensation policy, which resulted in higher fees to minority borrowers. While rules restricting loan originator compensation have reduced pricing variations in recent years, pricing variations continue to exist. Hence, even if your lending is compliant, pricing variations must be carefully assessed for fair lending risk. [6/2/15]

The CFPB and the State of Florida have obtained a sizable judgment against the Hoffman Law Group, affiliated companies, and individuals for a scam that tricked consumers into paying illegal advance fees and joining frivolous lawsuits in order to gain relief from foreclosures. The companies used false advertising and even duped consumers into thinking the law firm was providing legal representation. [6/1/15]

Spoiler alert: Hoffman Law Group loses. [6/1/15]

ABA writes to CFPB Director Cordray, calling on his agency to open its arbitration study up to public comment before it begins its rule-making process. The public meetings the bureau is conducting do not provide adequate opportunity for anyone to adequately address the 729-page study. "Public comment now would at least start the process of compensating for the extreme lack of transparency." [5/22/15]

Sen. David Perdue's bill would make the CFPB subject to the congressional appropriations process, rather than automatic funding courtesy of Dodd-Frank. An earlier attempt to revise the funding process failed. Better luck this time? [5/22/15]