Links in “CFPB”

The CFPB approves the $24 million sale of a troubled chain of for-profit college campuses after the buyer agreed to forgive $480 million of private student loans. [2/4/15]

A recent CFPB report shows that college students are choosing to use debit cards over credit cards. This trend is largely attributable to the 2009 CARD Act's disclosure requirements, which have triggered a 70% drop in credit card offers. [2/3/15]

While the private student loan market enjoys more than a 97% repayment rate, the CFPB continues its scrutiny with a recent round of letters to certain market participants asking what they have done since last year's meeting to develop loan modification options. See also this. [2/3/15]

The White House funding requests for fiscal 2016 include increased funding for agencies to enforce Dodd-Frank. The White House said it would oppose efforts to roll back regulations or change the way the CFPB is funded. [2/3/15]

While the proposed changes to the mortgage rules just issued by the CFPB will benefit many credit unions, both NAFCU and CUNA still have concerns that the proposed rule does not go far enough. On the plus side, the small lender exemption limit from ATR/QM requirements could increase from 500 mortgage loan originations per year to 2,000 per year. However, since credit unions didn’t cause the mortgage abuse that led to stricter regulation, the trades continue to argue that all credit unions should be exempt. [1/30/15]

ICBA applauds the CFPB for proposed changes to qualified mortgage rules to allow community banks greater flexibility. The changes include increasing the threshold for the "small creditor" designation from 500 first-lien mortgage loans per year to 2,000. The definition of "rural" was also expanded. ABA chimes in with its support to here. [1/30/15]

The CFPB is proposing several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The proposals would increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas and aid small creditors in adjusting their business practices to comply with the new rules. [1/30/15]

While at each other's throats last summer following the CFPB's announcement of its plans to publish detailed narratives of customer complaints on its websites, the CFPB and the Financial Services Roundtable, which represents 100 of the biggest financial firms, buried the hatchet long enough to announce a joint plan to encourage financial education in schools and in the workplace. [1/29/15]

The CFPB warns its supervised financial institutions against thinking that a third-party non-disclosure agreement can restrict the supervised entity from sharing certain information with its regulator. According to the CFPB, its authority trumps. [1/29/15]

The CFPB announced its partnership with the Financial Services Roundtable during a speech given by Cordray. The purpose of this partnership? Financial education. [1/29/15]