Links in “CFPB”

In recent reports highlighting issues relating to mortgage and student loan servicing, debt collection electronic fund transfers and more, the CFPB has taken to describing the problems as being found at "one or more servicers" or "in at least one examination." Such descriptions obscure the magnitude of such problems and detract from the transparency promised by the agency. [10/31/14]

The CFPB's fifth edition of Supervisory Highlights was released Tuesday, providing general insight into recent illegal actions pertaining to mortgage and student loan servicing practices. Director Cordray, consistent with recent remarks, indicated that servicers of student loan debt will be "[held] accountable for how they treat borrowers." Find out how to safeguard your institution from protections placed on student lenders. [10/29/14]

The CFPB recently released the 2015 Rural or Underserved Counties List. This list is relevant for understanding requirements of escrow, ability to repay, high-priced mortgage loans, and other technical regulations. [10/28/14]

While the CFPB characterized the amendments to its final mortgage rules as "minor adjustments," the final rule contains several major changes from its proposal. [10/24/14]

The CFPB blog promotes its efforts to promote consumer finance protection services to the potential 24 million in the US that are self-identified as non-proficient English speaking. [10/24/14]

Tweaks to mortgage rules include hammering out the definition of nonprofit small servicers, the extension of the Ability-to-Repay exemptions to include certain nonprofit groups, and cases in which refunds to a consumer for excess points and fees may occur. [10/23/14]

The CFPB's new ruling requires servicers to maintain policies and procedures that are designed to facilitate the transfer of information during mortgage servicing transfers and includes guidance on what examinations may be looking at. [10/23/14]

FDIC adopts the interagency qualified residential mortgage rule changes that brings it in alignment with the CFPB's qualified mortgage rule, which suits industry groups that had lobbied for alignment just fine. [10/22/14]

The CFPB has finalized a new rule which allows companies that meet certain requirements to post privacy notices online instead of mailing them annually to consumers. The final rule, which will be effective when published in the Federal Register, will require credit unions to notify their members when the notice is available. [10/21/14]

As if you didn’t have enough to deal with already, the CFPB has compiled a report which highlights private student loan borrower complaints. Cordray has issued a call that lenders and servicers “redouble their efforts to deal with these distressed borrowers.” [10/17/14]