FHFA has handed over a list of CEO candidates to Spencer Stuart, which bills itself as an international recruiting firm with 54 offices in 29 countries.
The PATH Act awaits a vote on the House floor. But Hensarling’s measure is widely viewed as a non-starter in comparison to the Senate’s bipartisan Corker-Warner bill.
The OCC plans to collaborate with CFPB examiners on reviews the OCC is undertaking of the debt sales practices of financial institutions under its jurisdiction. “Where OCC has been informed of CFPB reviews, resident OCC teams will collaborate with [the] CFPB, bringing both a safety and soundness and a consumer protection focus to these reviews,” the OCC said in a recent statement to the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. “Where examiners find unsafe and unsound...
CFPB, Justice Department Probing PNC, National City Over Disparate Impact. The CFPB and the Department of Justice are jointly investigating whether mortgage loan pricing by National City and PNC had a disparate impact on protected classes, PNC revealed in its latest 10Q. “In June 2013, PNC was advised by the CFPB that it had authorized settlement negotiations with PNC, as successor to National City Corp., and by the Department of Justice that it had authorized the filing of a civil complaint against PNC, also as successor to...
The Federal Trade Commission plans to ask the Office of Management and Budget to extend through Nov. 30, 2016, the current Paperwork Reduction Act clearance for the FTC’s shared enforcement with the CFPB of the information collection requirements in Regulation N (Mortgage Acts and Practices – Advertising). That clearance expires Nov. 30, 2013. The FTC is inviting public comments on a handful of related issues, the first of which is whether the proposed collection of information is necessary for the proper performance of the...
Even though the CFPB has yet to release its final rule and related forms under its consolidated consumer disclosure project, Fannie Mae and Freddie Mac recently announced they are working on a standardized dataset to support the forms when the rule is finalized by the bureau, which is expected in October. The government-sponsored enterprises’ dataset is called the Uniform Closing Dataset, and is a component of Fannie’s and Freddie’s Uniform Mortgage Data Program, an ongoing effort to enhance the accuracy and quality of loan data...
The CFPB has recently posted new “response guidance” for companies when they log into their online company portal with the bureau. The guidance – some of it general in nature, some of it product-specific – supplements the bureau’s company portal manual, providing recommendations for documenting and responding to consumers' complaints based on the agency's best-practice observations. In terms of the general response guidance that applies to all products and response types, the CFPB suggests, first, when referencing past...
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