Tag Archives: Consumer Financial Protection Bureau

The debt ceiling controversy and its impact on the nation's financial credibility demands a solution that will last for more than just a few months.

Starting in January 2014, mortgage lenders will work under new rules governing the handling of appraisals and other home value estimates. The Consumer Financial Protection Bureau (CFPB) announced Friday the adoption of a new rule intended to improve consumer access to appraisal reports. In addition, the CFPB (in partnership with five other federal regulatory agencies) issued a rule establishing specific appraisal requirements for higher-priced mortgage loans and properties flipped within six months of purchase.

A week after releasing its "qualified mortgage" guidelines, the CFPB is issuing more rules designed to clean up servicing practices.

The CFPB's long-awaited qualified mortgage standards have been unveiled, and Capital Economics says the new rules "will not hamper the housing recovery."

The National Association of Mortgage Brokers (NAMB) is calling on the Small Business Administration to review the Consumer Financial Protection Bureau's (CFPB) new rule on qualified mortgages, saying the provisions might drive out smaller lenders.

President Obama opened a big hole in his White House by tapping Jack Lew to replace Timothy Geithner as Secretary of the Treasury, leaving empty--for the moment--the role of chief of staff. It's not the first time the president has looked to change nameplates of those who already worked for him. Strong managers, according to Harvard Business School theory, can move from one discipline to another without specific expertise, and Harvard Law alum Obama apparently picked up something beyond a law degree while in Cambridge.

After many long months of waiting, the Consumer Financial Protection Bureau (CFPB) has finally issued its finalized "qualified mortgage" (QM) rule designed to protect both consumers and responsible lenders. One of the biggest provisions of the QM rule is the newly set Ability-to-Repay rule, which does away with so-called "no doc" and "low doc" mortgages. In addition, the CFPB explained there are two kinds of QMs that have different protective features for consumers and legal consequences for lenders.

The Consumer Financial Protection Bureau (CFPB) announced it has finalized a rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Based on the adjustments, institutions with assets of $42 million or less (as of the end of 2012) are exempt from collecting HMDA data in 2013. That exemption does not apply to data institutions are supposed to report for 2012.

Consumer Financial Protection Bureau (CFPB) released a report revealing only one in five people actually obtain a copy of their credit report each year.

A newly proposed policy from the Consumer Financial Protection Bureau (CFPB) would allow companies to test new consumer disclosures on a case-by-case basis. Under the proposed policy, the CFPB would allow limited-time exemptions from current federal disclosure laws for approved companies. Those companies would use that time to research and test informative, cost-effective disclosures and share the results of their trial with the bureau, which would use the information to improve its own rules and model forms.