The performance and returns offered by credit card ABS differ significantly by the type of firm issuing the deal, according to a recent analysis by Moody’s Investors Service.
The nature of the CFPB is completely in the eyes of the beholder. In hearings on Capitol Hill last week, Acting CFPB Director Mick Mulvaney was grilled by Democrats while Republicans praised his efforts to reform the bureau. Mulvaney appeared before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee last week to testify on the CFPB’s semi-annual report. The major changes he proposed included: giving Congress authority to approve ...
After rounds of exchanging increasingly nasty letters, Sen. Elizabeth Warren, D-MA, finally got a face-to-face opportunity to question Mick Mulvaney, the acting director of her brainchild – the CFPB. In Mulvaney’s testimony before the Senate Banking, Housing, and Urban Affairs Committee last week, Warren turned her five-minute questioning time into a passionate speech generally claiming that Mulvaney is hurting the American people “Here’s what you don’t get, Mr. Mulvaney – this isn’t about me,” Warren said ...
The CFPB and the Office of the Comptroller of the Currency are seeking an aggregate of $1 billion from Wells Fargo to settle abuse allegations tied to its auto lending and home mortgage businesses, the megabank disclosed in its first quarter 2018 earnings report late last week. The auto lending violations center on collateral protection insurance policies the bank sold to customers between October 2005 and September 2016. Wells estimated $145 million in cash remediation and $37 million ...
Two payday-lending trade groups filed a lawsuit against the CFPB, seeking to invalidate the bureau’s payday lending rule and challenge its constitutionality. The Community Financial Services Association of America and the Consumer Service Alliance of Texas alleged that the agency’s payday lending rule, titled “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” violates the Administrative Procedure Act. The two groups said the final rule was based on “unfounded” presumptions of consumer harm ...
Congressional lawmakers are seeking ways to ease restrictions on payday loans and rescue the industry from what some lenders feel are onerous CFPB rules promulgated under past agency leadership. Sen. Lindsey Graham, R-SC, introduced a Congressional Review Act resolution to repeal the agency’s payday rule, and the House Financial Services Committee gave a green light to bank payday lending. The CFPB finalized its payday rule in October under former Director Richard Cordray with ...
Equifax, which is under investigation by the CFPB – and other government agencies – for a massive data breach that came to light last year, this week named investment banker Mark Begor to be its new CEO effective April 16. He will replace interim CEO Paulino do Rego Barros, who will step down but assist Begor as part of the transition. Back in the fall of last year, Barros was named interim CEO following the departure of several top executives at the credit rating agency after it was revealed a major ...
Acting CFPB Director Mick Mulvaney has reportedly dropped another payday lending case, giving new ammunition to his critics. According to a Reuters report, five people with direct knowledge of the matter said the CFPB under the leadership of Mulvaney decided not to go after National Credit Adjusters and is pondering whether to end cases against three other payday lenders. The agency declined to comment on the Reuters report. Mulvaney said in February the bureau won’t spend a lot of energy ...
CFPB Upgrades Mortgage Servicing Small Entity Compliance Guide. The CFPB has released version 3.1 of its mortgage servicing Small Entity Compliance Guide. The SECG provides a summary of the agency’s 2016 final mortgage servicing rule, which goes into effect April 19. The revised guide incorporates an amendment to the rule released earlier this month, which replaces the previous single-billing-cycle exemption with a single-statement exemption for mortgage servicers ... [Includes three briefs]
Sen. Elizabeth Warren, D-MA, continues to be a pain to CFPB Acting Director Mick Mulvaney. She sent another letter to Mulvaney last week, demanding answers about his leadership of the bureau. Since Mulvaney took over the agency in November 2017, Warren and her colleagues have sent him nine letters including 125 questions and requests. In the most recent letter, Warren accused the acting director of failing to answer or inadequately answering 105 of those questions ...