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.
Lenders need specific plans for outreach to borrowers that are Black, indigenous and people of color, according to industry participants. Focusing on the borrowers can be difficult but will pay off, the industry participants added.
Citizens Bank left the wholesale channel amid weak margins; Mr. Cooper’s cyberattack recovery includes large expenses for borrower services; new leader at broker group; Consolidated Analytics acquires Real Info; customer relationship management tool with artificial intelligence for loan officers.
Freddie Mac’s pilot program could dramatically reduce the frustrations lenders face due to repurchase requests for performing loans. For now, the initiative covers 15 lenders.
Over the years, warehouse finance has been a good business for Texas Capital, but the pain suffered by its nonbank clients over the past year has affected the bank as well. Relief could come when the Fed starts cutting rates.