One manager criticized number-two ranked warehouse provider Texas Capital for the discounts the bank is offering, calling it “the talk of the warehouse community.”
The CFPB is creating a “disclosure sandbox” as its most recent step to encourage fintech innovation. Many are expecting the bureau to tackle the flawed no-action letter policy next. The CFPB recently published a revised policy for its trial disclosure program in the Federal Register. The new policy would streamline the application process, establish procedures for extending successful trial disclosure programs, and allow the CFPB to coordinate with sandbox ...
Democratic state attorneys general recently vowed to fill the void of the CFPB in fair lending enforcement if the bureau decides not to use disparate-impact analysis under the Equal Credit Opportunity Act. “The attorneys general will not hesitate to uphold the law if CFPB acts in manner contrary to law with respect to interpreting ECOA or to fulfilling its Congressional charge to ensure nondiscriminatory lending to the residents of our states,” wrote 14 AGs in ...
The latest CFPB supervisory highlights report found violations in the loss mitigation process and some foreclosure practices which officials determined are unfair or deceptive acts or practices. The report released earlier this month is the first one since Acting CFPB Director Mick Mulvaney took the reins of the agency. The most recent supervisory highlights report was the summer 2017 edition issued a year ago. Attorneys said the report indicates that the supervisory ...
The CFPB should drop the current debt-to-income ratio cap and the so-called GSE patch from the qualified-mortgage definition, the Urban Institute recommends. The CFPB is required by statute to review the ability-to-repay rule, which includes the QM definition, and issue a final report on its findings by Jan. 10, 2019. One of the most important elements of the review could be the fate of the “GSE patch,” which is set to expire in January 2021, or on the day ...
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