CFPB, FTC Host Roundtable This Week on Data Integrity in Debt Collection. The CFPB and the Federal Trade Commission are slated to host a roundtable on June 6, 2013, to examine the flow of consumer data throughout the debt collection process. The regulators plan to bring together consumer advocates, credit issuers, collection industry members, state and federal regulators, and academics to exchange information on a range of issues. Topics on the discussion agenda include the amount of documentation and other information...
Despite the vocal support of progressives, especially advocates of principal reduction of GSE-held loans, Rep. Watt’s nomination to head FHFA is far from a sure thing.
Any successor to the GSEs that operates with a federal guarantee should charge the same guaranty fee price for all sellers, regardless of size, the trade group says.
Speculators have been gobbling up GSE junior preferred and common, hoping for a payout down the road tied to either the resumption of dividends or money that might come from a recovery fund.
The CFPB likely removed a noticeable amount of political pressure – but not all – from its back by responding to some industry concerns with its earlier ability-to-repay final rule. Last week, the bureau finalized amendments to the ATR rule that expand the legal protections for small lenders to make loans beyond the original rule’s main requirements, and it provided such creditors with a longer period of time in which to adjust to the rule’s restrictions on balloon mortgages. Under last week’s final rule, the CFPB...
Among the changes that the CFPB made to its ability-to-repay rule last week are revisions to how loan originator compensation is counted in the qualified mortgage points-and-fees calculation. Under the Dodd-Frank Act, points and fees on a qualified mortgage may not exceed 3 percent of the loan balance. Further, points and fees that exceed 5 percent will trigger the protections for high-cost mortgages under the Home Ownership and Equity Protection Act. Dodd-Frank also mandates that loan originator compensation be counted toward...
The CFPB, as requested by the mortgage lending industry, has delayed implementing its ban on the financing of credit insurance premiums until Jan. 10, 2014, the effective date for most of the mortgage‐related rules it issued in January. The rule had originally been scheduled to kick in June 1. That effective date was originally proposed because the bureau believed the ban did not present a significant implementation burden for affected institutions. …
The CFPB filed a complaint in the U.S. District Court for the Southern District of Florida last week against American Debt Settlement Solutions, Inc., alleging that the debt-relief company was abusive and deceptive in misleading consumers across the country and charging illegal fees for its services. “Today we are taking action to halt a debt-relief company we believe has been preying on financially vulnerable consumers,” said CFPB Director Richard Cordray. “Consumers struggling to pay off a debt are among the...
RSS