One source told IMF that in some instances, certain nonbanks have been asked by the agencies to hold “more capital” in reserve accounts than other seller/servicers.
Senate, House to Wrap Up 113th Congress This Week. The U.S. Senate and the House of Representatives are expected to wrap up the affairs of the 113th Congress this week, but it was unclear as of press time whether any pending CFPB-related legislation might make its way through the national legislature’s gauntlet and wind up on the desk of President Barack Obama. Last week, the House passed a large package of tax extenders. This week, House and Senate negotiators are expected to be busy working on appropriations legislation to keep the government funded for the remainder of the fiscal year. The 114th Congress is expected to convene on Jan. 6, 2015, with Republicans firmly in control of both chambers, presenting ...
The most recent work plan issued by the CFPB's Office of Inspector General indicates the results of a handful of audits are expected to be completed sometime during the fourth quarter, indicating that either they will be released within the next few months or held over until sometime after the start of 2015. One such review has to do with a joint evaluation of coordination between the CFPB and other regulatory agencies. The inspectors general of the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Department of the Treasury are conducting “an evaluation of the coordination between the CFPB and other regulatory agencies with respect to conducting supervisory activities,” said the OIG’s work plan. ...
Industry representatives might be interested to know that the Treasury Department’s Office of Financial Research is working with the CFPB on some key regulatory initiatives. For instance, the OFR is providing technical support to the CFPB and other regulators to create a universal mortgage loan identifier to promote transparency, data aggregation, comparability, and analysis in the home mortgage market, the office said in a new report. The Dodd-Frank Act authorized the bureau to collect more data about individual mortgage loans and to mandate that entities reporting data under the Home Mortgage Disclosure Act provide a universal loan identifier for each loan or application that they are required to report. The OFR published a working paper on this subject in late ...
The CFPB ombudsman’s third annual report highlighted a number of concerns from industry representatives as well as consumer advocates on a range of issues critical to both constituencies. For instance, some of the industry issues the ombudsman’s office heard about in the past year were the need for additional clarity on CFPB points-of-contact for industry, a desire for more clarity on regulatory compliance for business planning and operations, and a concern about broad examination information requests. The office also received industry input about the need for normalization of data in the public consumer complaint database, the differences between the language used in consent orders and their corresponding CFPB press releases, and issues related to the formal or informal nature of ...
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