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Inside the CFPB

April 30, 2007

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Bernardi: HUD May Restart RESPA Talks

Mortgage industry participants may again be invited for another round of talks prior to the release of a new proposal for streamlining the mortgage settlement process, according to a top official of the Department of Housing and Urban Development. HUD is... Read More

New York AG Launches Lender Probes

New York Attorney General Andrew Cuomo is looking into the lending practices of several financial institutions in what compliance experts describe as a follow up to his predecessor’s failed bid to investigate suspicious lending disparities at national banks... Read More

GAO Recommends Legislative Boost to HUD’s RESPA Authority

The Government Accountability Office has recommended that Congress strengthen the Department of Housing and Urban Development’s hand in cracking down on illegal kickbacks and sham business arrangements between title insurers, mortgage lenders, and other participants... Read More

Banks that Bail Borrowers Out of Bad Loans will Get CRA Credit

Banks that work to get troubled borrowers out of bad subprime mortgage loans will get extra credit at their next federal performance evaluations under the Community Reinvestment Act. A panel of regulators at the Consumer Bankers Association’s CRA conference... Read More

Summiteers to Return May 2 with Answers to Foreclosure Problem

Participants in a foreclosure summit organized by Sen. Chris Dodd, D-CT, chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Sen. Richard Shelby, R-AL, the committee’s ranking minority member, will reconvene on May 2 to present recommendations... Read More

Montgomery Denies Redeemer Role for FHA in Subprime Crisis

The Federal Housing Administration is not trying to position itself as a savior of troubled subprime borrowers, according to the administrator of the Department of Housing and Urban Development’s residential mortgage insurance program. Brian Montgomery... Read More

Fed Proposes TILA, ECOA Rule Changes on Electronic Disclosures

The Federal Reserve Board has proposed to withdraw certain regulatory language on electronic disclosures that had been included in proposed rules implementing the Truth in Lending Act (Regulation Z) and the Equal Credit Opportunity Act (Regulation B). The proposal... Read More

More Consumer Protection Powers Mulled for Banking Regulators

Congress may consider legislation this year that would increase the consumer protection authority of the Office of the Comptroller of the Currency and the Office of Thrift Supervision in response to a recent U.S. Supreme Court decision backing federal preemption of... Read More

Senate Democrats Urge Fed to Use HOEPA Clout to Curb Abuses

Democrats on the Senate Committee on Banking, Housing and Urban Affairs last week urged the Federal Reserve Board to use its powers under the Home Ownership and Equity Protection Act to curb predatory and abusive lending. The committee chairman, Chris Dodd of... Read More

State Roundup

Pennsylvania. A revised regulatory proposal to define the proper business conduct for mortgage bankers, brokers and... Massachusetts. Gov. Deval Patrick said he would soon submit a legislative proposal to make mortgage fraud a... Read More

Federal Roundup

House Financial Services Committee: Flood Insurance Reform. The House is considering bipartisan legislation to reform the... Office of Thrift Supervision: New Central Region. The OTS is forming a new Central Region office... HMDA Data. The federal thrift and banking agencies and... Read More

Worth Noting…

America’s Community Bankers has tapped Barbara Shycoff to be senior vice president and... Consumer groups and an organization of bankruptcy attorneys are calling for changes in... The National Low Income Housing Coalition has sued the Federal Emergency Management Agency for... Read More

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