Industry groups and consumer advocates have differing views on the CFPB’s proposal to raise reporting thresholds under the Home Mortgage Disclosure Act.
The CFPB issued guidance on the disclosure requirements for construction loans. But an attorney said the guidance falls short of what the industry is seeking.
Lenders now have 15 more months to comply with the underwriting requirements of the payday lending rule. The CFPB is still considering rescinding that portion.
One year after the passage of the Dodd-Frank reform act, community banks say they have been benefiting from regulatory relief, but further implementation of some provisions is still needed.
A number of states, including Illinois and New Hampshire, last month amended their licensing rules to address certain challenges faced by mortgage lenders.
The bureau has turned its attention toward steps needed to address the “GSE patch” along with other changes to its rulemaking activity. But it has not indicated the approach it is considering.
The Government Accountability Office recommended that the CFPB clarify which financial institutions can offer rehabilitation programs to private student loan borrowers. But the bureau decided otherwise.
The mortgage-related provisions in the proposed debt-collection rule mark the latest efforts by the bureau to bridge the difference between the debt collec-tion law and mortgage servicing rules.
Two banking trade groups have asked the CFPB to decline the credit union industry’s request to delegate oversight authority of credit unions to their prudential regulator.
The CFPB issued a proposed debt collection rule to clarify matters looming in the industry, including the use of emails and text messages. If the proposal is finalized, it will be the first time that the industry has clear rules to rely on rather than numerous court precedents.
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