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Volume 25 - Number 16

August 4, 2014

CFPB Could Be More Transparent About Civil Penalty Fund Activities

The Government Accountability Office has found that “opportunity exists” for the CFPB to improve the transparency of its civil penalty fund activities. On the positive side of the equation, the bureau has implemented a number of internal controls for managing the Consumer Financial Civil Penalty Fund. The CFPB has also implemented controls for tracking the collection of penalty funds, determining the allocation amount to classes of eligible victims, and monitoring the third-party vendors that distribute the funds, GAO found. In addition, the bureau has written policies that describe roles and the process related to making allocations to consumer education and financial literacy programs. “However, according to officials, the CFPB did not document the factors the fund administrator considered in determining ...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.