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Tag Archives: Consumer Financial Protection Bureau

CFPB Lays Out Obligations for Consumer Credit Disputes

CFPB

The Consumer Financial Protection Bureau (CFPB) is putting on notice companies that furnish information to credit reporting firms, reminding them that they are responsible for investigating consumer disputes forwarded to them. "Credit reports play a critical role in the lives of consumers," said CFPB director Richard Cordray. "Given the importance of these reports, consumers need to know that their documents are being reviewed when they dispute what they believe is a mistake on a report."

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Commentary: Summers Time?

The choice of the new Fed chair takes on added significance given the Fed's relationship with the Consumer Financial Protection Bureau.

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Former CFPB Deputy Starts Mortgage Company, Attracts Criticism

CFPB

Since helping draft the final rule for a qualified mortgage, former Consumer Financial Protection Bureau (CFPB) Deputy Director Raj Date has resigned from the agency and opened his own advisory and investment firm aimed specifically at those borrowers who do not meet the standards for 'qualified mortgages' as set by the CFPB under rules. This turn of events has raised questions as to the agency's ethics and integrity, prompting lawmakers to call for a release of communications between Date and others regarding the company's creation.

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Senate Confirms Cordray in 66-34 Vote

The U.S. Senate voted Tuesday to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). According to the Senate website, Cordray was confirmed in a 66-34 vote. President Obama installed Cordray as a recess appointment in 2012, a move that attracted criticism from opponents, who say the Senate was not actually in recess. Critics of the CFPB had vowed not to confirm any nomination for director until the agency saw substantial changes.

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Agencies Propose More Exemptions for Appraisal Rules

In a joint release, six federal financial regulators proposed exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing. Those exemptions would join others already laid out earlier this year. According to the release, the proposed exemptions "are intended to save borrowers time and money and to promote the safety and soundness and creditors."

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CFPB Proposes Rule Revisions in Response to Industry Concerns

CFPB

The Consumer Financial Protection Bureau (CFPB) announced Monday proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections. "Today's proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace," said Richard Cordray, director of the CFPB. Monday's proposals also addressed the ban on financing credit insurance premiums.

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CMLA Proposes Legislation to Accommodate Community Lenders

The Community Mortgage Lenders of America (CMLA) unveiled the Community Mortgage Lenders Act of 2013, a piece of legislation designed to spur lending, maintain effective consumer protections, and remove what the group calls "excessive regulations aimed for other parts of the market." Under the proposed legislation, "responsible" community lenders (defined as those who have no history or predatory or abusive loan practices and whose product predominantly falls under the qualified mortgage criteria) would be exempt from several rules.

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CFPB Announces Details of Future Examination Procedures

CFPB

The Consumer Financial Protection Bureau (CFPB) released updated procedures for examinations of financial institutions and mortgage lenders, which will begin taking place in January of next year. The new procedures, which will be published in regulatory manuals, cover a range of topics, including compensation for loan originators, qualification standards for mortgage professionals, consumer rights, arbitration, and appraisals.

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Report: Reverse Mortgage Trends Show Troubling Picture

While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the "troubling trend will increase as more baby boomers enter retirement."

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