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Inside the CFPB

January 4, 2021

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Compliance Could Get Tougher for Mortgage Firms in 2021

One of the biggest issues mortgage lenders will face is implementing changes to the general qualified-mortgage rule, which has a mandatory compliance date of July 2021. Read More

MBA Offers Model Bill for Longer-Term Remote Work Flexibility

The Mortgage Bankers Association has drafted a model bill for state regulators to provide regulatory flexibility allowing mortgage loan originators to work from home, with prescribed regulator standards for consumer and data protection. Read More

FTC Goes After Mortgage Data Company Ascension

The Federal Trade Commission voted 3-1-1 to fine Texas-based Ascension Data & Analytics for failure to ensure its vendor was adequately securing consumers’ personal data. Read More

Mortgage Applications Gained, Cards and Autos Struggled

After dropping sharply in March, new mortgage applications spiked while other consumer credits struggled to find their footing, according to new research from the CFPB. Read More

CFPB Issues Special Purpose Credit Program Requirements

To offer legally compliant SPCPs, financial institutions must have a written plan in place that identifies the class of persons the program is designed to benefit. And there’s more… Read More

CFPB Rules May Have Driven Small Banks Out of Mortgages

The FDIC’s community bank study shows that an unusually high percentage of small community banks reduced their residential holdings after the 2008 financial crisis. Reason: high compliance costs due to the large volume of new mortgage rules. Read More

CFPB Ends 2020 With Three Enforcement Settlements

Discover Bank has agreed to pay $35 million to settle student loan violations while Santander Consumer USA was fined $4.75 million for credit reporting miscues tied to auto loans. Read More

UI Finds CSBS Nonbank Servicer Proposal Ineffective

Citing existing mortgage regulations at the federal level, the Urban Institute said it might be most appropriate for the FHFA or the Federal Reserve to regulate nonbank mortgage servicers. Read More

Other News in Brief

The CFPB grants compliance assistance sandbox to two companies; QM rules to take effect March 1. Read More

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