To provide greater clarity to financial institutions in meeting their legal obligations, the CFPB will add a new “compliance aids” category to its guidance.
CFPB updates HMDA small entity compliance guide; the bureau files a lawsuit against Citizens Bank for credit card dispute issues; industry and consumer groups seek a delay in risk-retention rule revision.
The intensity of information technology adoption at banks played a role in loan performance during the financial crisis, according to a working paper by the International Monetary Fund.
As we noted last week: Fannie Mae and Freddie Mac are likely in the same boat regarding fourth quarter results: Big gains expected from derivatives. GSE results are due in mid-February or so.
The bureau has tightened the use of “abusive” practices under its sweeping authority to prohibit unfair, deceptive or abusive acts or practices. Industry watchers believe the impact of the new policy might be limited.
Analyst Jaret Seiberg of Cowen: "This guidance should restrict how the abusive standard can be used. This doesn't mean the CFPB can't investigate these products. It is more that its power to bring aggressive enforcement actions will be less.”
According to the complaint, Monster purchased more than 7 million credit reports from Experian between December 2015 and May 2017. The reports included consumers’ names, addresses, number of student loans and aggregate student loan balances.
The current standard language in leveraged loan documents may expose issuers to heightened credit risk and a spike in debt service costs when LIBOR is no longer viable, according to Fitch Ratings.
While the Consumer Financial Protection Bureau’s plan to extend the qualified-mortgage patch was not unexpected, its proposal to eliminate the debt-to-income threshold has sparked a debate.