Links in “CFPB”

The agency announces the vendors and financial institutions that will be participating in its mortgage eClosing pilot program, which is scheduled to take place later this year. [8/25/14]

The CFPB's newly released guidance on mortgage servicing sets for two new sections, "General Transfer-Related Policies and Procedures" and "Applicability of the New Servicing Rules to Transfers." [8/25/14]

The CFPB has announced the participants selected for its three-month eClosing pilot program. Hoping the program will "provide valuable insight" into efforts to improve the mortgage closing experience, CFPB Director Richard Cordray explained, "we believe that eClosings have the potential to create a better process for everyone involved." The selected participants include both vendors and creditors to assess the effectiveness of a variety of possible solutions to be used. [8/22/14]

The FTC and CFPB have filed an amicus brief for a case regarding the accurate interpretation of the Fair Debt Collection Practices Act. The agencies argue that the provision requiring a notice to be sent to consumers within five days after initial contact from a debt collector must be provided by each debt collector, not simply the first to make contact. The ruling in this matter could significantly affect policies and procedures for entities throughout the industry.  [8/22/14]

National Community Reinvestment Coalition urges the CFPB to expand its collection of data on small business loans to include the race, gender and ethnicity of the principal owners of businesses. [8/22/14]

Trade group rebuts New York Times editorial that called for the CFPB and FTC to move "swiftly and aggressively" on subprime auto lending. It labeled the editorial as an unfair attempt to paint the industry as a hotbed of deceptive practices. [8/21/14]

The CFPB says that the Texas-based First Investors Financial Services Group Inc. distorted consumer credit records for years. The company was aware of flaws in their computer system that resulted in inaccurate information being provided to the credit reporting agencies. This action makes clear that computer system or vendor mistakes are not valid excuses for submitting incorrect information to the credit reporting agencies. [8/21/14]

CFPB hits First Investors Financial Services Group of Houston with $2.75 million fine for overstating amounts past due and inflating the number of delinquent payments. Company counters that it reported the errors when it found them and was in the process of working with its vendor to correct them. [8/21/14]

CFPB outlines expectation established for mortgage servicers. “At every step of the process to transfer the servicing of mortgage loans, the two companies involved must put in appropriate efforts to ensure no harm to consumers. This means ahead of the transfer, during the transfer, and after the transfer,” said CFPB's Cordray. "We will not tolerate consumers getting the runaround when mortgage servicers transfer loans." [8/20/14]

The backlash is building against the CFPB’s proposal to allow consumers to post complaint narratives on its public database website.  The credit union trade associations in conjunction with the Financial Services Roundtable is kicking off a campaign to oppose the proposal over concerns about reputation risk issues. [8/20/14]