A new U.S. Consumer Coalition/Zogby Analytics poll found that a majority of Americans oppose the CFPB’s monitoring of Americans’ credit card purchases. According to the poll, which sponsors claim is the first national survey about the recent operations of the government agency, 55 percent of respondents believe the CFPB’s data collection program is similar or worse than the controversial NSA monitoring program. Further, only 20 percent of those polled believed that the CFPB should be able to collect and review Americans’ credit card statements without their knowledge. The poll also found that the majority of Americans oppose the bureau’s ongoing efforts to restrict access to certain consumer financial products. Nearly 70 percent of those polled said they believed that the ...
The complaints that consumers submitted to the CFPB about their bank accounts fell substantially, quarter to quarter and year over year, the latest analysis by Inside the CFPB reveals. Among all companies, consumer gripes were down 19.1 percent in the first quarter versus the fourth quarter, and off 13.7 percent from the same period the year before. Not surprisingly, a similar trend was obvious among the top three lenders. For instance, Wells Fargo saw consumer criticisms fall 11.1 percent QoQ and 28.4 percent YoY. For Bank of America, the drop-offs were 21.3 percent and 22.2 percent, respectively. JPMorgan Chase had declines of 11.3 percent on a quarterly basis and 16.3 percent on a yearly basis, while fourth-ranked U.S. Bancorp had ...
CFPB is Investigating Bankrate. Bankrate revealed recently that the CFPB has issued civil investigative demands to the company and certain employees in an effort to seek documents and answer questions relating to Bankrate’s quality control process for its online mortgage interest rate tables. The company has cooperated in responding to the CIDs, Bankrate said in a Form 10-K filing with the Securities and Exchange Commission. “The company received a communication from the CFPB inviting the company to respond to the CFPB’s identified issues in the form of a notice of opportunity to respond and advise during which the CFPB identified potential claims it might bring against the company,” the filing said. Bankrate said it has submitted a response that it ...
DocMagic Says It Will be Ready for TRID, Delay or No Delay. Industry vendor DocMagic, Inc., based in Torrance, CA, announced recently that the CFPB’s proposed delay in implementing the TILA-RESPA Integrated Disclosure (TRID) rule will have no bearing on its plans to be ready to meet the bureau’s originally planned Aug. 1 due date. “The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” said Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Horn led the production of the 1,888 page final TRID rule and the design and consumer testing of ...
Pete Mills, SVP for residential policy at the Mortgage Bankers Association, said there are a few issues not covered by the bureau’s delay. “What about state regulators?" he asked. "Are they going to be bound, are they under that same understanding as the bureau?”
The eight banks tracked by the OCC’s Mortgage Metrics report – including Wells Fargo and JPMorgan Chase – completed 7,571 principal reduction mods in the first quarter...
Neither of the credit-rating industry’s perennial market leaders – Standard & Poor’s and Moody’s Investors Service – managed to claim a top spot during the first quarter of 2015, according to a new Inside MBS & ABS ranking. Fitch Ratings ranked as the top player in rating the bigger non-mortgage ABS market. The company rated 43 ABS issued during the first quarter that represented 64.2 percent of total issuance by dollar amount. The company rated all eight credit-card ABS issued in early 2015, along with most of the student-loan deals. Fitch raised...[Includes two data tables]
Proposed credit card ABS disclosure requirements from the Securities and Exchange Commission could compromise commercially sensitive proprietary issuer information and prove too burdensome for issuers, according to the Structured Finance Industry Group. The industry group this week unveiled an alternative card ABS format that was endorsed by both its issuer and investor members. The three-part disclosure “would provide more information on more metrics” than either of two options proposed by the SEC. Last year, the SEC adopted...
The single-family rental securitization business is fueling investor purchases of homes and causing problems for communities, according to a new survey and report by consumer advocates. The California Reinvestment Coalition called for a number of reforms for the single-family rental industry. “This conduct has had a measurable, negative impact on communities,” the CRC said. “It has transferred wealth from homeowners to Wall Street denizens and is transforming America from a homeownership society to a renter-ship society.” The CRC based...
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