The CFPB is considering whether to propose a rule that would require registration of nonbank financial institutions, according to a Request for Information (RFI) the bureau posted on the Federal Business Opportunity website recently. As part of this process, the bureau is considering whether to procure a comprehensive and interactive online web-based registration system. “Such a system would allow nonbank financial institutions supervised or regulated by the CFPB to apply for, amend, update, or renew a registration online using a single set of uniform applications and would allow the CFPB to process these registration applications and amendments through automated workflows,” according to the RFI. Such a potential registration system might also be used to collect financial and operational data as ...
While much of the lending industry was captivated and consumed with TRID 2.0 and mortgage servicing amendments two weeks ago, the CFPB used the occasion of a public field hearing to preview its pending debt collection rule by circulating an outline of proposals under consideration in the run-up to conducting a small business review panel. The proposals the bureau is mulling over would increase protections pertaining to third-party debt collectors and others covered by the Fair Debt Collection Practices Act, including many debt buyers. “As part of its overhaul of the debt collection marketplace, the CFPB plans to address consumer protection issues involving first-party debt collectors and creditors on a separate track,” the agency said. More specifically, among the new ...
Student loan borrowers are encountering difficulties when they try to file an application for income-driven repayment (IDR) plans, according to the CFPB’s midyear update on student loan complaints, which was released late last week. Since 2009, the vast majority of borrowers with federal student loans have a right under federal law to set their monthly student loan payments based on their income. For borrowers who are unemployed or earn low wages, these IDR plans provide for a “payment” as low as $0 per month.“Many borrowers depend on student loan servicers to inform them about the availability of IDR options and for processing borrowers’ enrollment in these plans,” said the bureau. “This report observes that borrowers encounter obstacles when submitting ...
The CFPB is strengthening its identity and access management program and access controls for select systems, but is behind the curve when it comes to supporting the use of personal identity verification (PIV) technology, according to the latest Office of Inspector General review of the bureau’s information security management practices. “[W]hile the CFPB uses multifactor, token-based authentication for remote access to the agency’s network, it has not implemented PIV cards for logical access to the agency’s network and systems,” the OIG report stated. CFPB officials told the OIG that the bureau is making progress in implementing PIV. “However, implementation has been delayed due to the prioritization of competing initiatives and the timing of the agency’s transition from the U.S. Department ...
The Federal Deposit Insurance Corp. last week released on its website updated technical assistance videos on the CFPB’s Ability-to-Repay/qualified mortgage rule. “The updated videos provide financial institution management, compliance officers and staff with resources for a better understanding of the current requirements of the ATR and QM rule,” it said. ... CFPB Director Richard Cordray last week responded to two members of the Senate Banking, Housing and Urban Affairs Committee who had recently pressed him to consider exempting small community banks and credit unions from as much of its rulemaking as possible...
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