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Tag Archives: Consumer Financial Protection Bureau

Former CFPB Attorney Joins Team at Venable

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A former attorney for the Consumer Financial Protection Bureau (CFPB) has joined Venable LLP as a partner in its Washington, D.C., office, the firm announced. Allyson Baker was among the initial team of enforcement attorneys at CFPB, helping to formulate agency policies regarding investigations and litigation in the aftermath of the financial crisis.

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CFPB Reports Rise in Service Member Complaints in 2012

Ginnie Mae Veteran lending policy

A new report from the Consumer Financial Protection Bureau (CFPB) reveals consumer finance complaints filed by service members, veterans, and their families steadily rose throughout 2012. The report, released by CFPB's Office of Servicemember Affairs, shows the number of complaints rising steadily each quarter, closing the year at a total of 3,455. Mortgage complaints were by far the most common out of all categories, with a quarterly average of 52.3 percent of complaints focused on home finance products.

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CFPB Makes Leadership Changes

CFPB

The Consumer Financial Protection Bureau (CFPB) announced two individuals were added to the bureau's leadership team, and two current staff members will be serving in different roles.

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Cordray, Senate Committee Clash over CFPB Data Collection

Consumer Financial Protection Bureau (CFPB) director Richard Cordray faced a contentious Senate Banking Committee Tuesday for his semi-annual report to Congress. A particular point of debate was the joint effort between CFPB and the Federal Housing Finance Agency (FHFA) to establish a national mortgage database that includes information such as borrower profiles, payment history, and mortgage products and terms on loans--an idea one senator described as "creepy."

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CFPB Proposes Amendments to Clarify Mortgage Guidelines

CFPB

As part of its ongoing efforts to assist the industry in the implementation of new mortgage guidelines, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify the qualified mortgage (QM) and servicing rules first laid out in January. The proposal addresses five topics, including debt-to-income ratio concerns surrounding the Ability to Repay Rule, uncertainties around the temporary QM provision, and which criteria are used to define "small servicers."

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CFPB Strikes Settlement with Mortgage Insurers Over Alleged Kickbacks

The Consumer Financial Protection Bureau(CFPB) announced enforcement actions against four mortgage insurers who allegedly gave kickbacks to lenders in exchange for business. CFPB proposed consent orders against Genworth U.S. Mortgage Insurance Corporation (USMI), Mortgage Guaranty Insurance Corporation (MGIC), Radian Guaranty Inc., and United Guaranty Corporation (UGC) for their alleged roles in kickback arrangements. The proposed orders require the companies to pay $15.4 million in penalties to the bureau.

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CFPB Launches Expanded Database of Consumer Financial Complaints

The Consumer Financial Protection Bureau (CFPB) went live Thursday with the nation's largest public database of federal consumer financial complaints. Thursday's launch expands the Consumer Complaint Database from about 19,000 credit card complaints to more than 90,000 complaints on mortgages, student loans, bank accounts and services, and other consumer loans.

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Ellie Mae Releases White Paper on Hidden Costs of Compliance

With origination costs on the rise (Ellie Mae cited data from the Mortgage Bankers Association showing the average cost of origination climbing from $2,291 in 2008 to $3,353 in Q3 2012) and more than 350 federal, state, and local laws governing loans, the cost of doing business the right way is a major concern for those companies trying to turn a profit. However, while many of those costs can be measured and predicted, Ellie Mae points to a number of factors that some firms may not have thought about.

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ICBA Outlines Regulatory Priorities with Eye Toward Exemptions

The Independent Bankers of America (ICBA) outlined its regulatory priorities for this year at the National Convention and Techworld in Las Vegas earlier this month. The organization addressed several industry reforms and pending regulations it asserts will negatively and unfairly impact community banks. For example, ICBA suggests any financial institution with $50 billion or less in assets be exempt from Basel III. Likewise, the group argues community banks should be exempt from new lending and servicing reforms.

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