The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.
The statement on principles relates to the examination of lenders’ residential property appraisal and evaluation practices. Federal regulators believe it will help lenders mitigate risks due to potential discrimination or bias in appraisal practices and to promote credible valuations.
First National Bank of Pennsylvania’s $13.5 million settlement with the DOJ and North Carolina didn’t include a civil monetary penalty. DOJ officials stressed that more redlining enforcement is in the works.
Mark McArdle, an assistant director of mortgage markets at the CFPB, provided updates on the regulator’s priorities in terms of mortgage lending at the MBA’s independent mortgage bankers conference. The top concerns are LO comp practices and fair lending.
The CFPB’s proposal on streamlining mortgage servicing standards will likely be issued this spring. The regulator is trying to balance loss-mitigation options and foreclosure protections.
Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3.
The Supreme Court appears poised to overturn the legal theory of “Chevron deference.” If it does, what the court chooses to replace the standard with will have an impact on the CFPB going forward.
CFPB proposes rule aimed at a fee rarely charged by banks; Connecticut regulator alleges unlicensed mortgage origination activity by LoanSnap; the CFPB and seven state AGs partner on a lawsuit against a debt-relief company; CFPB warns of scam targeting elderly.
Laws in a number of states require mortgage servicers to make interest payments to borrowers on funds held in escrow. The Supreme Court will hear oral arguments on the matter in February, helping to clarify the OCC’s stance on federal preemption.
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