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Tag Archives: Consumer Financial Protection Bureau

CFPB’s New Mortgage Disclosure Initiatives Gaining Traction

The Consumer Financial Protection Bureau has a strong supporter in the National Association of Exclusive Buyer Agents. Recently reviewing the updated mortgage disclosure forms produced by the CFPB, the NAEBA responded to the organization with a letter of commendation. Though citing the CFPB's thorough assessment of borrowers' needs within the project, the NAEBA also submitted some suggestions based on its evaluation of the mortgage disclosure initiative, which is part of the "Know Before You Owe" program.

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Date: Expect Ability-to-Repay Rule in 2012

Fraud

Treasury special adviser Raj Date made headlines again after announcing Tuesday that the Consumer Financial Protection Bureau plans to finalize the ability-to-repay rule early next year. His remarks follow a series of other barnstorming speeches in the ramp-up for several rules. Once approved, the new rule, formerly proposed by the Federal Reserve, will broaden the scope of Regulation Z under Truth-in-Lending and prevent lenders from making loans to consumers without qualifying assets and income.

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CFPB Undaunted Nearly Two Months After Going Live

If recent remarks by Treasury adviser Raj Date signal anything, the Consumer Financial Protection Bureau means to press forward with the responsibilities enshrined for it under the Dodd-Frank Act. The CFPB holdover, who filled the shoes of Elizabeth Warren, now a Senate candidate, explored events in the lead-up to the controversial bureau even as an unwavering Republican opposition holds the line. Assuming responsibility for 18 consumer financial laws, the CFPB has moved forward with rules and proposals.

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CFPB Architect Officially Launches Bid for Senate

It's official: Elizabeth Warren will mount a bid for the Senate as a Democratic candidate. If she makes it through a crowded primary, the Consumer Financial Protection Bureau architect, onetime presidential advisor, and political lightning rod for the right will face off against Sen. Scott Brown (R-Massachusetts) over the 2012 election year. News that Warren will officially run for the Senate follows months of speculation and her ejection from a high-profile nomination process.

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Dodd-Frank Chugs Forward for Feds Despite Political Hay

As Rep. Barney Frank (D-Massachusetts) made waves this week with legislation to curb voting rights for Fed governors, key provisions under his namesake law, the Dodd-Frank Act, manifested themselves in decisions by major federal regulators. The FDIC and Federal Reserve rubber-stamped a rule that require the nation's largest banks to send up blueprints for bankruptcy, while the Consumer Financial Protection Bureau steadily moved forward with the uniform mortgage disclosure form.

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Political Tensions Alive at Cordray Hearing

A confirmation hearing for Consumer Financial Protection Bureau director-nominee Richard Cordray largely went as expected for the Senate Banking Committee Tuesday, with Democratic members defending the federal agency and Republicans heaping criticism on it. Lingering tensions found their way into exchanges between lawmakers from both parties, in and outside the committee room. For his part, Cordray used his opportunity before the Senate Banking Committee to reassure lawmakers about his intentions.

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CFPB Joins FTC Consumer Complaint Database

The Consumer Financial Protection Bureau joined an exclusive law enforcement club Monday as it announced an agreement with the Federal Trade Commission that makes it a full-fledged member of the Consumer Sentinel Network. Law enforcement agencies and personnel will now be able to view consumer complaints the CFPB submits about credit issues, debt collection, and - eventually - mortgage lending practices that complainants report. An FTC spokesperson says the CFPB will eventually add mortgage lending complaints.

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New FTC Rule Goes After Mortgage Advertisers

A rule recently finalized by the Federal Trade Commission will take effect this month, prohibiting mortgage brokers, servicers, and nonbank lenders from advertising 19 practices it calls deceptive. The rule will enable the FTC, newly opened Consumer Financial Protection Bureau, and state regulators to issue civil monetary fines and penalties against wayward mortgage advertisers. The Mortgage Acts and Practices Rule prescribes a number of penalties for deceptive claims about mortgages.

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OTS Goes Dark as Authority Moves to OCC

On Thursday the Office of Thrift Supervision went dark in offices and locations around the country, with the bulk of its supervisory responsibilities and employees relocating to the Office of the Comptroller of the Currency and several other federal agencies. Come October, the agency ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô responsible for supervising savings banks and associations since 1989 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô will officially cease to exist. The OCC received transfers of authority that includes regulating institutions with less than $10 billion in assets.

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