The CFPB Office of Inspector General plans to wrap up two audits and one assessment of the bureau sometime during the fourth quarter, according to the OIG’s latest work plan, released early this week. First on the list is an audit of the CFPB’s distribution of funds from the civil penalty fund. “Our audit is focused on internal controls related to the administration of the civil penalty fund,” the work plan stated. “Specifically, our audit will assess the efficiency and effectiveness of the process for identifying victims.”Next is a risk assessment of the bureau’s purchase card program. “Our risk assessment of the CFPB’s purchase card program will identify and analyze the risks of illegal, improper or erroneous purchases and ...
Bank of America Pulls the Plug on All Marketing Services Agreements. Bank of America, the third-largest residential retail lender in the U.S., has pulled the plug on all marketing services agreements it has with realty firms, sibling publication IMFnews reported last week. The bank confirmed the move to the newsletter, noting that it will discontinue all “space rental agreement programs due to recent regulatory developments.” It added: “We expect our MSA agreements will conclude by Nov. 1, 2015, and we will terminate our lease agreements for space in accordance with their terms. While the decision to wind down our MSA and SRA programs was difficult, the end of these programs allows us to pursue different ways we might help builders ...
A lawyer by trade, Watt noted: “Unfortunately, legal constraints prevent me from saying much about this because we are in the period between the end of the comment period and the time we issue the final rule.”
“Had the proposal been implemented, it could have had a chilling effect on FHA lending, to the detriment of the borrowers served by the FHA program,” according to lawyers at K&L Gates.
Financial institutions will be required to provide much more data to monitor fair lending compliance and access to credit under the Home Mortgage Disclosure Act, thanks to a new, 800-page, final rule the CFPB issued last week. Under the new rule, lenders must provide more information about mortgage loan underwriting and pricing, such as an applicant’s debt-to-income ratio, the interest rate of the loan, and the discount points charged. “This information will enhance the ability to screen for possible fair lending problems, helping both institutions and regulators focus their attention on the riskiest areas where fair lending problems are most likely to exist,” said the CFPB. “This information will also help the bureau and other stakeholders monitor developments in specific ...
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