Links in “CFPB”
- Has SCRA’s Written Request Provision Been Pushed Aside?
The Servicemembers Civil Relief Act got a lot of attention as a result of the $60 million settlement announced by the DOJ and the Department of Education. The DOJ alleged that a major student loan servicer failed to reduce the rate on loans to servicemembers to 6% when required to do so. However, the statute requires the servicemember to submit a written request for relief before relief is granted. The decision by the CFPB, DOJ and ED appears to ignore this requirement. [5/15]
- CFPB to Target Individual Wrongdoers at Financial Institutions
Director Cordray's recent remarks indicate that the CFPB is seeking to pierce the corporate veil in going after individual decision makers at financial institutions that violate consumer finance laws. [5/14]
- Shifting Paradigms: Simple Regulations?
The CFPB has released an intuitive electronic format of Regulation Z, one of the most complex and heavily-consulted consumer financial regulations. In an effort to further improve the delivery of this and other regulations, the CFPB seeks feedback and requests assistance in sharing this tool with all who may benefit from its use. [5/13]
- Perfecting Privacy Protection
The Bureau of Consumer Financial Protection is proposing to amend Regulation P, which requires financial institutions to provide an annual disclosure of their privacy policies to customers. In response to growing concerns of overburdening both institutions and consumers, delivery alternatives have been proposed to ease the process of providing privacy protection. [5/13]
- VA on QM
The Department of Veterans Affairs (VA) has proposed an interim rule to replace the CFPB's temporary rule that exempts VA loans from the 43% DTI threshold for Qualified Mortgages. [5/13]
- CFPB: A Phoenix from the Ashes
Richard Cordray reflects on past financial hardships that resulted in the creation of the CFPB in 2011 and the adoption of a âcompliance culture.â [5/12]
- New Type of Website Attack: Bank Referred to CFPB after Refusing to Participate in Self-Regulatory Process
Group finds issues with Atlanta-based SunTrust Bank's website, seeks to involve the bank in a self-regulatory process. When the bank refused, the group referred the bank to the CFPB. [5/9]
- 3 CFPB Proposals: Reason for Optimism?
Three CFPB proposals provide a rare bright spot for those who have been navigating complex compliance regulations lately. A look at proposed rules on privacy disclosures, Ability-to-Repay/Qualified Mortgage rules, and Remittance Rule. [5/9]
- Bankers’ Group Lends Support for CFPB Rule of Privacy Notices
It's not often that bankers and the CFPB see eye to eye, but when it comes to the CFPB's proposal to let banks post privacy notices online, instead of having to mail paper-based copies to their customers, the ICBA lends its full support. [5/9]
- ATR? Yes! Everything Else? Not Yet.
The House Financial Services Committee passed the CFPB-amended final Ability to Repay rule this past Wednesday, while putting holds on other bills such as the Mortgage Choice Act of 2013, the Portfolio Lending and Mortgage Access Act, and more. [5/8]
