In a recent question-and-answer with the Washington Post, CFPB Director Richard Cordray indicated the bureau is not going to ease up as it moves forward with rulemaking in the payday-lending, debt collection and prepaid-card sectors of the financial services industry. “We will be undertaking rulemaking in the debt-collection area,” Cordray told the Post. The work on that will get started later this fall. As the nation’s top consumer regulator sees it, debt collection is an area that is in need of revision and updating...
Mortgage lending trade group representatives are ramping up the crescendo of industry calls for the CFPB to make even more changes to its pending mortgage rules, or for an implementation delay, or both. It’s not easy to satisfy them, though, which some industry participants will privately concede. On the one hand, the industry keeps pressing for numerous changes and revisions, yet on the other hand, complains that each new change or revision further complicates their efforts to get into compliance. Be that as it may, the calls...
The CFPB’s ability-to-repay qualified mortgage rule is steaming full speed ahead with January implementation, and that has anxious lenders appealing to sympathetic ears on Capitol Hill for relief, one way or another. During a hearing earlier this month before the House Financial Services Committee, Rep. Shelley Moore Capito, R-WV, raised with CFPB Director Richard Cordray concerns she’s been hearing from some of her mortgage lender constituents about the bureau’s pending mortgage rules, including the ATR/QM. During a roundtable she held...
The CFPB recently finalized the amendments and changes it proposed this past June to some of its pending mortgage rulemakings slated to take effect this coming January – mostly having to do with the mortgage servicing and loan originator compensation final rules. The revisions include a handful of changes sought by various industry groups. The amendments “principally address several important questions that have emerged during the implementation process for the mortgage servicing and loan originator compensation rules,”...
The CFPB ordered Chase Bank USA, N.A., and JPMorgan Chase Bank, N.A., to refund an estimated $309 million to more than 2.1 million customers for allegedly enrolling them in credit card “add-on” products without their authorization and for charging them for credit monitoring services that they did not receive, the agency announced late last week. The restitution has already taken place, and most affected cardholders should have received their refunds by Nov. 30, 2012. The bureau also ordered Chase to make a $20 million penalty...
Nationstar's new filing with the Securities and Exchange Commission offers little in the way of information on the terms of the new $1 billion facility.
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