Links in “CFPB”

New York State and the CFPB are focusing on how banks make use of credit reporting data to screen potential customers for credit-worthiness. Regulators are concerned about how the screenings may unfairly block the unbanked and underbanked from opening new accounts, causing them to turn to more costly options. [6/18/14]

More details on the consent order between the CFPB and a New Jersey title service for RESPA violations, including how, in a growing number of instances, these actions are not initiated by the CFPB, but referred to the CFPB from other agencies. [6/17/14]

HUD tips off the CFPB into Stonebridge Title Services of New Jersey practice of paying commissions to third parties in exchange for title business referrals. RESPA permits commissions for referrals only to employees of the company. [6/16/14]

Several bills to promote greater transparency and accountability at the CFPB, such as the CFPB Slush Fund Elimination Act and the CFPB Data Collection Security Act, have been approved by the House Financial Services Committee and move to the House floor for a vote. [6/16/14]

HUD has published a final rule which removes its regulations previously authorized under the Real Estate Settlement Procedures Act of 1974 (RESPA), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), and the Interstate Land Sales Full Disclosure Act (ILSFDA). Responsibility for administration of these statutes, including authority to issue regulations, was transferred to the Consumer Financial Protection Bureau (CFPB) pursuant to title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). [6/16/14]

This morning, on the notorious Friday the 13th, the CFPB released its updated agenda highlighting anticipated topics of focus for the period of April 1, 2014–March 31, 2015. In addition to implementing additional and improved mortgage reforms, the CFPB plans to implement regulatory efforts in other consumer markets and also plans to place efforts on modernizing and streamlining regulations. This agenda will be updated again in the fall of 2014. [6/13/14]

The CFPB ordered a New Jersey company to pay $30,000 for paying illegal kickbacks for referrals. Stonebridge, the company charged with violating RESPA, has allegedly paid more than 20 independent salespeople commission for bringing additional business to the company. The CFPB commented that efforts will continue to be made to protect consumers and to enforce RESPA's provisions will continue. [6/13/14]

CFPB Director Cordray says that public shaming of mortgage loan services who automatically put a student loan into default if a cosigner dies or becomes incapacitated is important, but that more tools may be needed through rulemaking. It was one of several responses he gave before a Senate hearing this week. [6/12/14]

HMDA currently requires reporting of up to 30 points of data for each covered application. Dodd-Frank identified nine more data points and opened the door to other points that the CFPB felt was appropriate. The CFPB's list is up to 20 more. Here's what the CFPB is proposing. [6/12/14]

The CFPB seeks information about how consumers are using mobile financial services to access products and services, manage finances, and achieve their financial goals with a focus on economically vulnerable consumers. The 90-day comment period end on  September 10, 2014. [6/12/14]