Links in “CFPB”
- ABA Seeks Contained Clarifications to Mortgage Servicing Rules
While the ABA would like the CFPB to clarify issues in the new mortgage servicing rules, such as how to apply the 120-day rule in rolling delinquencies situations, it also asks the CFPB to make sure that whatever clarifications it produces don't undo the major system modifications already underway. [7/30/14]
- Will CFPB’s HMDA Proposal Jeopardize Borrower Privacy?
The CFPB's proposed amendments to HMDA are designed to enhance the opportunities to analyze mortgage lending activity by including credit score, age, property value, and more. The proposed change also raises concerns about borrower privacy. [7/28/14]
- HMDA for Dummies
The CFPB has proposed changes to current HMDA reporting requirements. The changes seek to, among other things, 1. standardize and align reporting with industry data standards, 2. improve the data reporting and data access processes, and 3. ease reporting requirements for smaller institutions. [7/25/14]
- Trade Groups to CFPB on Complaint Narrative Proposal: Not So Fast
The 30-day comment period on the CFPB's proposal to include complaint narratives in its Consumer Complaint Database is not enough, say five industry trade groups in a letter to the CFPB. They've asked for at least 90 days to comment. The 30-day comment period is scheduled to close Aug. 22. [7/24/14]
- Why Banks Should Be Wary of the CFPB’s Actions Against ACE
Yes, ACE Cash Express is a payday lender, not a bank. But the $10 million settlement the CFPB came to with ACE portends some troubling trends that banks should keep an eye on, such as how the CFPB is using its UDAAP authority to apply the Fair Debt Collection Practices Act to all first-party debt collectors and how the CFPB continues to use enforcement actions to impose requirements rather than the "notice and comment" rulemaking process. [7/24/14]
- Is Debt Collection Too Harsh? Now Is the Time to Speak
The CFPB is taking written comments about the consumer experience in the debt collection industry. All written comments must be received by August 22, 2014 for consideration. [7/23/14]
- Your Chance to Complain about Complaints
Here it is, your chance to be heard. The CFPB has opened a 30-day comment period regarding consumer complaint narrative data. [7/23/14]
- Why the CFPB’s Complaint Narratives Would Be Worse Than Yelp
The CFPB's proposal to invite consumer complaint narratives in its public database would subject financial institutions to reputational risk. Unlike the popular rating app Yelp, the database will not include favorable consumer experiences. [7/23/14]
- CFPB’s Got 99 Problems and Prepaid Cards Are One of Them
The CFPB is now accepting complaints regarding prepaid cards. This is done in an effort to give the people a "greater voice in these markets," according to CFPB director Richard Cordray. [7/22/14]
- CFPB’s Complaint Database Blowing Up
CFPB's complaint database is rapidly expanding to include prepaid cards, debt settlement services, credit repair services and pawn and title loans. [7/22/14]
