Tag Archives: Consumer Financial Protection Bureau

Borrowers that close their mortgage using an electronic platform typically have a greater understanding toward the process and are more efficient and empowered, compared to those that take the paper route.

The Consumer Financial Protection Bureau issued a bulletin on Tuesday providing guidance to servicers regarding the cancellation and termination of private mortgage insurance.

On Tuesday, the Consumer Financial Protection Bureau announced an enforcement action taken against Paymap Inc. for deceptive advertisement practices used to market a mortgage payment program.

On Friday, a federal appeals court revived a lawsuit that challenged the constitutionality of the Consumer Financial Protection Bureau. According to multiple media reports, the U.S. Court of Appeals for the District of Columbia Circuit ruled that a Texas bank had legal standing to proceed with a lawsuit arguing the structure of the CFPB is unconstitutional.

Various legislation has been introduced by Republicans in an attempt to reduce the power of the Consumer Financial Protection Bureau in the last year, but there has not been any law proposed to completely eliminate the Bureau – until now. U.S. Representative John Ratcliffe and U.S. Senator Ted Cruz, both Republicans from Texas, have combined to sponsor a bill that would completely abolish the CFPB, according to announcements on both lawmakers' websites.

The Consumer Financial Protection Bureau has finally set an official effective date for the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, after much debate and numerous industry requests to delay the rule. The CFPB issued a final rule moving the effective date to Saturday, October 3, 2015 on Tuesday.

As the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act prepares reach its fifth anniversary, a new report found that although the majority of the rules set forth in this act have already been implemented by various federal regulated agencies, there are several reform rules that have yet to be enacted, including rules for executive compensation, derivatives, and consumer debt.

Steven L. Antonakes, the Consumer Financial Protection Bureau (CFPB)'s second-in-command official, announced Thursday in a memo to employees that he is stepping down from his position with the CFPB. Before being appointed as the CFPB's Deputy Director, Antonakes served as the Bureau's Assistant Director of Large Bank Supervision.

The Consumer Financial Protection Bureau on Thursday published the first in a new series of monthly reports that highlight key trends found in the complaints the consumers submit to the Bureau. The monthly reports will provide the public and the marketplace with insight into the hundreds of thousands of complaints the CFPB receives from consumers on financial products and services.

The director of the controversial Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee on the Bureau's perceived lack of oversight and accountability in a full committee hearing titled "The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress" on Tuesday.