The Federal Housing Finance Agency withdrew a proposed rule it was forced to issue regarding Property Assessed Clean Energy programs after prevailing in court.
Bureau Staffers May be “Most Lavishly Paid” Fed Workers. “Hundreds of CFPB officials are paid more than Supreme Court Justices, senior White House officials, members of Congress, and all 50 state governors,” the Washington Examiner news organization reported recently, based on its analysis of salary data for the bureau’s 1,204 workers. For example, according to the Examiner, the CFPB pays 56 employees more than the $199,700 Federal Reserve Board Chairman Ben Bernanke receives. And 111 bureau employees are paid more than the...
More than a dozen Democrat members of the U.S. Senate have written the CFPB and the Department of Labor expressing concerns about fees paid by low‐wage workers using payroll cards and urging them to move quickly to protect American workers. “We strongly believe that your agencies have the capability to protect workers from at least some of the excessive fees and harmful practices associated with payroll cards,” the senators said. Therefore, they asked the agencies to take a closer look at whether workers adequately understand these fees...
Corey Stone, assistant director in the CFPB’s Office of Deposits, Cash, Collections and Reporting Markets, indicated at a Senate hearing on debt collection earlier this month that the bureau might promulgate national documentation standards, perhaps in coordination with the Federal Trade Commission. Testifying before the Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection, Stone discussed the recent joint roundtable the bureau and the FTC held on debt collection...
David Silberman, associate director for research, markets and regulation at the CFPB, appeared before the Senate Special Committee on Aging last week, mostly summarizing and discussing the bureau’s recent white paper on payday loans and deposit advance products – and revealing more regulation or oversight may be in the offing. “The bureau intends to continue its study of small dollar loan products to better understand why some consumers are able to use these products in a light to moderate way, while others seem to get trapped in a...
The New York State Department of Financial Services is concerned that the CFPB’s proposed amendments to its mortgage loan servicing rulemaking would interfere with the state’s early-intervention efforts on behalf of delinquent homeowners. Here’s the problem, as NY DFS sees it: Under the CFPB’s proposed amendments to the mortgage rules per the Real Estate Settlement Procedures Act/ Regulation X, mortgage servicers are prohibited from making “the first notice or filing required by applicable law for any judicial or non-judicial...
The CFPB has issued new Equal Credit Opportunity Act “baseline review procedures” for use by its examiners. The procedures are made up of six baseline review modules for examiners to use “to identify and analyze risks of ECOA violations, to facilitate the identification of certain types of ECOA and Regulation B violations, and to inform fair lending prioritization decisions for future CFPB reviews.” ECOA baseline reviews are one type of fair lending review conducted by the CFPB, in addition to ECOA targeted reviews and Home Mortgage...
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