The CFPB has abandoned a controversial proposal to expand its disclosure of confidential information through Freedom of Information Act requests. Notably, a new final rule omits the whole part of a previous proposal that would have allowed the CFPB to share confidential information collected in supervisory events with any government agency it deems “relevant to the exercise of the agency’s statutory or regulatory authority.” Such agencies would ...
CFPB Acting Director Mick Mulvaney is resisting outside pressure to dump the controversial political appointee who now leads the agency’s fair lending activities. Eric Blankenstein has come under fire for racially tinged blogs he posted in 2004, where he stated that using the n-word may not necessarily be racist and a great majority of hate crimes were hoaxes. Senate Democrats are pushing Mulvaney to explain how Blankenstein was hired to be head of …
Rep. Maxine Waters, D-CA, ranking member of the House Financial Services Committee, introduced a bill to undo changes Acting CFPB Director Mick Mulvaney has made to the agency during his tenure. The legislation has no chance in the current session of Congress, but it would likely get on the fast track if Democrats win control of the House in the upcoming midterm elections. “My bill, the Consumer First Act, would reverse the harmful changes the Trump administration ...
Consumer complaints in all major categories saw double-digit declines in the third quarter compared to the second quarter, according to a new analysis by Inside the CFPB. Total gripes filed by the public with the CFPB dropped 11.4 percent from 2Q18 to 3Q18, mainly driven by an 18.9 percent sequential decline in home mortgage complaints. Complaints regarding credit cards dipped 11.4 percent, bank account problems were down 10.8 percent and ...
The CFPB recently settled with Bluestem, Eden Prairie, MN, over allegations that the group of firms unfairly delayed payment transfers to third-party debt buyers. The settlement will require the companies to pay a civil money penalty of $200,000. The CFPB alleged that the Bluestem companies, between 2013 and 2016, delayed forwarding payments for more than 31 days in 18,000 instances. In 3,500 of those instances, Bluestem allegedly delayed [Includes four briefs] ...
Eli Global’s mini-mortgage empire includes lender/servicer Castle & Cooke, wholesaler Western Bancorp, Prime Mortgage and a warehouse lending division called CapLoc…
The Federal Housing Finance Agency recently issued guidance to the GSEs and Federal Home Loan Banks on managing interest rate volatility and third-party provider relationships. The regulator wants firm policies in place to manage the risks posed by changing interest rates and cautioned that excessive interest rate risk can threaten liquidity, earnings, capital and solvency.
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