The CFPB is going to release its first substantive guides to the mortgage rulemakings it issued earlier this year, according to the text of an email that the bureau sent to industry groups last week but otherwise did not announced publicly. The National Association of Independent Housing Professionals is shopping around on Capitol Hill some new appraisal rules that would include the establishment of a hotline with the CFPB. The National Association of Federal Credit Unions made a fresh appeal to Senate leadership for relief from...
The CFPB spent $299.76 million “in obligations” in fiscal year 2012, according to the bureau’s third semi-annual report to Congress, submitted late last month. Approximately $134 million of that was spent on employee compensation and benefits for the 970 employees on board at the bureau as of Sept. 30, 2012. As of Dec. 31, 2012, the CFPB had requested transfers from the Federal Reserve totaling $136.2 million to fund CFPB operations and activities for the first quarter of FY2013. These funds are held in an account for the bureau at...
The CFPB late last month finalized a rule implementing the automated teller machine placard legislation that was signed into law last December. The legislation protects banks from frivolous lawsuits by repealing what they see as the outdated, duplicative requirement that a placard must be attached to an ATM stating that a fee may be charged. The final rule, effective immediately, amends Regulation E (on electronic fund transfers), which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation...
Consumers Union was among the many voices calling for the CFPB to make major changes to the ways students pay back their increasing level of educational loan debt. “The time is now to make two changes that would bring substantial relief to private student loan borrowers,” CU said, the first of which is that lenders should offer income-based repayment plans to borrowers. Higher education is a unique investment; the returns can take years to realize, especially when the job market is weak for new graduates,” CU noted...
The CFPB is proposing to amend the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for student loan servicing, according to a proposed rule issued late last month for public comment. As per its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the bureau’s proposal rule would identify a market for student loan servicing and define “larger participants” of this market that...
The Conference of State Bank Supervisors is calling upon the Consumer Financial Protection Bureau to adopt a petition process to define “rural” counties as the bureau prepares to implement balloon “qualified mortgage” and escrow requirements for rural creditors. The Dodd-Frank Wall Street Reform and Consumer Protection Act confers QM benefits on certain balloon loans if they are made in rural or underserved areas. In implementing the standard, the CFPB decided to use the USDA Economic Research Service’s Urban Influence Codes as...
The CFPB is now accepting consumer complaints about money transfer transactions, otherwise known as remittances, the bureau announced last week. The agency specifically wants to hear from consumers who have an issue such as money was not available when promised; a wrong amount charged or received (transfer amounts, fees, exchange rates, taxes, etc.); or incorrect/missing disclosures or information. The CFPB also wants to hear about other transaction issues (unauthorized transaction, cancellation, refund, etc.); other service issues...
The CFPB went “live” with a significantly expanded consumer complaint database late last month, featuring a wealth of new data on problems consumers have with credit cards, mortgages, student loans, bank accounts, services and other consumer loans. The CFPB characterizes it as “the nation’s largest public database of federal consumer financial complaints, opening up to consumers information on more than 90,000 individual complaints on financial products and services.” CFPB Director Richard Cordray said, “By sharing these...
According to the government, Golden First Mortgage Corp. of Great Neck, NY, failed to carry out its duties and responsibilities as a direct endorsement lender, leaving FHA with large losses.
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