Links in “CFPB”
- Reg Relief Bills Up for Consideration Next Week
Three bills that would provide regulatory relief for credit unions are scheduled for consideration next week in the House. The three bills address extending the share insurance coverage to all underlying owners in IOLTA and similar accounts, expanding credit unionsâ ability to apply for Federal Home Loan Bank membership, and granting credit unions and other lenders more say in the CFPBâs rural-area designations. [5/2]
- Proposed QM Amendment: What You Need to Know
Here's the scoop on the CFPB's three proposed amendments to the qualified mortgages rules. [5/2]
- Credit Crunch Fallout: CFPB Proposes to Ease QM Rules
CFPB proposal seeks adjustments to mortgage rules to ensure access to credit by certain nonprofit organizations that work with underserved populations. The proposal notes the limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. [5/1]
- Is the Definition of “Unfair” Unfair?
The "unfair" umbrella is being used by regulatory agencies to cover more and more activities they perceive unfavorably. In its motion seeking dismissal of a recent CFPB complaint against it, ITT Educational Services argues that regulated parties do not have fair notice of what constitutes "unfair" or "abusive" acts or practices. [5/1]
- CFPB Blog Highlights Newly Issued Fair Lending Report
CFPB Blog highlights key points presented in report to Congress on efforts of the Bureau related to Fair Lending. Key efforts including refinement of supervisory review of Fair Lending laws, enforcement actions taken, release of key tools including the HMDA Database and expanding use of the CFPB Complaint system that advocates for consumers impacted by various issues including Fair Lending. [5/1]
- CFPB: This is How You Auto Do It
To the praise of CFPB's Cordray, BMO Harris Bank has introduced a new flat fee for dealerships of 3% of the amount financed, up to a maximum of $2,000. Cordray called it a "proactive step to protect consumers from discrimination." [5/1]
- Is CFPB’s Student Loan Report Merely Laying the Groundwork for Future Rulemaking?
CFPB's report on student loan complaints, particularly what happens when a co-signer dies or becomes insolvent, was soft on some key details, but appeared to be geared toward laying the groundwork for future rulemaking. [4/30]
- CFPB to Tribal Lenders: You Are Still Companies Subject to Civil Investigation Demands
CFPB seeks to persuade California court to enforce its civil investigative demands to three tribally affiliated payday lenders. [4/30]
- CFPB Issues Proposal for EFTA Remittance Rules
The CFPB issued its proposal to Regulation E that will extend the temporary exception rule by five years to July 2020 and provide clarifying amendments and technical corrections to the final rule. [4/28]
- Challenging the CFPB’s Student Loan Complaint Report
If a co-signer for a student loan is in place, then it was likely the basis for the loan terms that were approved by the bank in the first place. Hence, it stands to reason that the death or bankruptcy of a co-signer may at least warrant consideration of whether to declare a default and accelerate the loan balance. Failure to do so could be considered an unsafe and unsound practice. [4/28]
