The CFPB announced it will release guidance later this summer to provide exemptions to smaller financial institutions under the Home Mortgage Disclosure Act. The regulatory relief comes from the Dodd-Frank reform act – the Economic Growth, Regulatory Relief, and Consumer Protection Act – signed into law in May. The new law exempts depository institutions and credit unions that originated fewer than 500 closed-end mortgage loans or 500 open-end lines of ...
In response to the CFPB’s request for information on regulatory guidance, a number of industry trade groups expressed their belief that such guidance, when issued, should be legally binding. Currently, the CFPB uses disclaimers on non-rule guidance, which means the advice given is only intended to aid understanding and implementation. Many industry groups said the disclaimers undermine the value of the guidance. “The broader and more extensive a disclaimer ...
Industry groups are calling on the CFPB to provide clarification of fair lending standards under the Equal Credit Opportunity Act as it applies to disparate impact, according to recently filed comment letters on inherited regulations. Among other things, lenders are asking the CFPB to review its use of disparate impact based on a Supreme Court of the United States’ decision in Inclusive Communities. The case established a framework for the application of disparate impact ...
Consumer complaints regarding student loans and mortgages fell sharply in the first half of 2018 compared to the same period a year earlier, according to a new analysis by Inside the CFPB. At the six-month mark, student loan complaints were down a stunning 62.5 percent from a year ago. Criticisms about home mortgages also experienced a double-digit decline – 24.9 percent – for the first half. On the other hand, total gripes filed by the general public [includes exclusive data chart] ...
CFPB Studies How Student Loan Borrowers Transition Out Of Debt. The CFPB recently issued a report on student loan payments and broader household borrowing. The report provides a close look at borrowers’ use of credit as they approach and make their final student loan payments and what follows in the months beyond. One key finding: Most borrowers pay off a student loan before the final installment is due, often with a single large payment. Further [Includes Four Briefs] ...
Freddie Mac saw a strong rebound in its single-family business during the second quarter following a sluggish start to the year. Freddie guaranteed $82.23 billion of single-family mortgage-backed securities during the second quarter, a romping 28.6 percent increase from the first three months of the year. The GSE produced just $63.93 billion of MBS in the first three months of 2018, its slackest quarter in almost four years. Fannie’s single-family business was off slightly in the second quarter as MBS issuance declined to $111.36 billion – its weakest output since the first three months of 2016. [Includes two data charts.]
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