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Inside the CFPB

November 20, 2006

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Gottfried Departure Leaves RESPA in a Void

Efforts to come up with a rule streamlining Real Estate Settlement Procedures Act regulations appear to be on hold again following the abrupt resignation of Keith Gottfried, general counsel of the Department of Housing and Urban Development and the department’s... Read More

Groups Upbeat about Consumer Protections

The mortgage industry could be in for a bumpy ride in the 110th Congress as lawmakers promised tighter focus on consumer protection and consumer groups vowed to push for tougher anti-predatory lending legislation and other pro-consumer measures. Many consumer groups... Read More

Threat of HUD Contract Hearings May Prompt Early Resignation

Is Department of Housing and Urban Development Secretary Alphonso Jackson on his way out? There is speculation in the mortgage industry that Jackson may be gone by the end of the year either of his own volition or pressure from Congress or the White House... Read More

OMB Weighs HUD Proposal for Online RESPA Complaint Site

The Office of Management and Budget is reviewing a government proposal to create a Web site for filing complaints and reporting alleged violations of Real Estate Settlement Procedures Act regulations. The Department of Housing and Urban... Read More

Cornerstone Case Emphasizes Need for HMDA Data Accuracy

Financial institutions should make sure that their Home Mortgage Disclosure Act data are accurate at all times, not just prior to submission to federal regulators, to avoid potential enforcement action, regulators warned. The Office of the Comptroller... Read More

Regulators to Scrutinize Lenders’ Discretionary Pricing, Distribution

Federal thrift and banking regulators strongly urged compliance officers in the retail banking industry to evaluate their Home Mortgage Disclosure Act data regularly to make sure no inappropriate loans are being made that might be perceived as discriminatory lending... Read More

DOJ Settlement with Indiana Bank Underscores Use of CRA Analysis

A new Department of Justice settlement with an Indiana lender for alleged discriminatory lending is another reminder that excluding minority neighborhoods from an institution’s Community Reinvestment Act assessment area could result in a charge of redlining... Read More

FinCEN Reports Major Increase in SARs Associated with Mortgages

A significant jump in the filing of mortgage-related Suspicious Activity Reports in 2006 appears to be the effect of a swirl of market and educational factors. A new study by the Department of the Treasury’s Financial Crimes Enforcement Network... [Includes one graph] Read More

Critics Doubt States’ Authority to Enforce State Exotic-Loans Guide

The Mortgage Bankers Association questioned whether newly issued state guidance on nontraditional mortgages can be enforced, considering the various levels of enforcement authority among the 50 states. In a statement, the MBA noted that... Read More

Experian Enters Fraud Detection Field with UK-Tested Software

With reports of mortgage fraud on the rise, lenders should be wary of increasingly sophisticated schemes aimed at fraudulently obtaining loans. Experian, a company best known for its credit scoring services, is jumping into the fraud detection field in the... Read More

Federal Roundup

Federal Financial Institutions Exam Council: Proposed Data Collection on Neg-Am Loans. Federal financial regulators want banks and thrifts to begin reporting the volume of mortgage loans on their books that have negative amortization features... Read More

Worth Noting…

Federal thrift and banking regulators will be at an upcoming audio conference sponsored... The American Enterprise Institute for Public Research will host... Radian Group has appointed Teresa Bryce, formerly with... Read More

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