Links in “CFPB”
- CFPB Soliciting Participants for eClosing Pilot Program
CFPB's upcoming pilot program is designed to pave the way for a more efficient closing process. [4/28]
- Paperless Closing: Elusive Goal or Real Possibility?
eClosing mortgage pilot project, which the CFPB is billing as not part of a rulemaking process, but a potential best practices initiative, has a target start date of October 2014. [4/25]
- Avoiding Potential UDAAP Violations
The CFPB has identified compliance with UDAAP requirements as a prime area of focus. Here are 7 steps you can take within your credit union to ensure you have proper due diligence measures in place to prevent potentially costly violations. [4/24]
- Closed Session for Tomorrows CFPB’s ARC Meeting
CFPB announces two new members of its Advisory Research Council and that its annual meeting tomorrow will be a closed session. CFPB's closed sessions for its advisory groups have come under fire from the industry and the House Financial Services Committee. [4/24]
- Coordinated Remarks of CFPB Highlight Mortgage Closing Problems and Potential Solutions
CFPB Director Cordray's address at the Mortgage Closing Forum highlights the four primary challenges facing consumers and what steps the Bureau is taking to address those challenges including key principles of "Know Before You Owe," advance review of closing documents (August 2015) and pilot programs on expanding "eclosing." [4/24]
- CFPB Presents 4 Mortgage Closing Challenges for Consumers
CFPB blog and report on the challenges of mortgage closing notes four primary areas including lack of sufficient time, quantity of paperwork, complexity of documents and errors in documents. Report further notes upcoming CFPB solutions to aspects of the closing process aimed at addressing those challenging areas. [4/24]
- CFPB’s Mid-Year Report on Private Student Loans Released
17-page report notes the receipt of 4,600 complaints over six-month period associated with direct funding of student loans as well as debt collection related to such loans. Key topics including impact of co-signers default on student loans and complications with co-signer releases. [4/22]
- “Auto Defaults” on Student Loans Hit CFPB’s Radar
Some student lenders demand borrowers pay back the entire student loan upon the death or bankruptcy of a cosigner, even if the borrower has never missed a payment, a practice that the CFPB is criticizing. [4/22]
- CFPA Would Limit CFPB
A bill, called the Community Financial Protection Act, introduced in the Senate would place limits on the CFPB's supervisory authority for banks and credit unions with assets of $10 billion or less. [4/18]
- Proposal to Extend Exception in Remittance Transfer Rule
CFPB's proposal would extend the temporary exception to the rule for five years, allowing institutions to estimate fees and rates in certain circumstances. [4/18]
