This is a landmark case because it is the first time in the almost five-year history of the CFPB that a company has judicially challenged a penalty handed down by the Bureau.
Read More »Congress Continues Sparring Over Dodd-Frank and CFPB
Financial reform under Dodd-Frank has taken some heat and even encountered a few setbacks lately, namely the removal of the Financial Stability Oversight Council’s “systemically important financial institution” (SIFI) from MetLife and the Consumer Financial Protection Bureau’s pending trial from PHH Corp.’s appeal of a $109 million penalty handed down last June.
Read More »Lawmakers at Odds Over CFPB Effects
Now almost five years old, the CFPB remains the subject of a heated debate among lawmakers: Is the Bureau an organization vital to the financial well-being of consumers, or is it simply a government bureaucracy that abuses its power?
Read More »All Quiet on Mortgage Front as Complaints Subside
Newfound optimism in the housing market from both lenders and borrowers is causing mortgage-related complaints to subside as customer satisfaction improves and financial institutions alter the way they do business.
Read More »CFPB Offers Lenders a Helping Hand
Since the initial implementation of these rules, the CFPB has made several moves to expand the definitions of “small creditor” and “rural area,” but before the HELP Act, smaller lenders were only eligible for special provisions if more than half its loans were in rural or underserved areas.
Read More »Credit Unions Petition CFPB Director Cordray for Exemption
NAFCU President and CEO Dan Berger wrote Cordray a letter Thursday asking the Director to exempt credit unions from certain rulemakings.
Read More »CFPB Director Defends Agency’s Decisions
CFPB Director Richard Cordray faced intense criticism from the committee's Republicans, particularly Chairman Jeb Hensarling (R-Texas), who said that Congress has made the Director a “dictator” and given him power that is “amazing, frightening, and tragic.”
Read More »Credit Unions Urge CFPB to Reduce HMDA Regulatory Burden
The revamped rule appears to be weighing heavy on the minds of many in the mortgage industry as is brings about several new data point requirements that must be fulfilled by lenders.
Read More »CFPB Director: Mortgage Credit is “Still Too Tight, In My View”
Consumer Financial Protection Bureau Director Richard Cordray called attention to the mortgage industry, particularly lenders, in a speech on Wednesday, where he highlighted some of the progress and pitfalls that the housing market faces.
Read More »CFPB: Mortgages Top the Most Complained About Financial Products
Mortgage loans in today's housing market are not keeping homebuyers happy, as they are most complained about product in the eighth volume of the Consumer Financial Protection Bureau's Monthly Complaint Report.
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