Changing the name of the CFPB seems a small step, but it could cost financial institutions roughly $300 million to make behind-the-scenes changes, according to an internal CFPB document.
The CFPB last week released a fair lending report covering the agency’s activity in 2017. The report generally summarized the bureau’s past fair lending efforts and laid out its priorities.
The CFPB last week ordered State Farm Bank, a federal savings association in Bloomington, IL, to stop illegal credit reporting practices, without imposing a fine for its wrongdoings.
CFPB Releases 2018 Financial Literacy Annual Report; Former CFPB Deputy Director Raj Date Joins a Fintech Company; Rep. Patrick McHenry Elected Top GOP Member of House Financial Services Committee.
Law firm Rosicki, Rosicki & Associates, along with two affiliates, has agreed to settle a civil lawsuit alleging the companies systematically defrauded Fannie Mae and the Veterans Administration by routinely overcharging them and submitting false bills for foreclosure and eviction-related expenses.
A federal district court in Manhattan agreed to halt legal proceedings in an investment compa-ny’s challenge of U.S. Bank’s billing practices until the primary residential MBS case involving the two parties is resolved.
Two federal banking regulators have raised concerns about risks associated with nonbanks gaining market share in the mortgage industry. In a report published this week, the Office of the Comptroller of the Currency said banks are loosening mortgage underwriting standards in response to “intense competition” from nonbanks. The OCC cited higher thresholds for back-end debt-to-income ratios, higher acceptable loan-to-value ratios and lower downpayment requirements. The trends were ...
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