The Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a specialized taskforce to, “examine ways to harmonize and modernize federal consumer financial laws,” according to a press release. The new body, called the “Taskforce on Federal Consumer Financial Law,” is aimed at examining the existing legal and regulatory climate that faces consumers […]
The Consumer Financial Protection Bureau (CFPB) announced on Thursday the issuance of a new, final rule under the Home Mortgage Disclosure Act (HMDA). The new rule extends the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA for two years. Additionally, the rule also clarifies partial exemptions from certain […]
The Consumer Financial Protection Bureau (CFPB) announced last week the addition of five new hires to its executive team, following up on previous leadership hires made earlier this year to further bolster its ranks. The Bureau later announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit […]
After releasing a document earlier this month providing guidance for reverse mortgage borrowers affected by natural disasters, the Consumer Financial Protection Bureau (CFPB) has translated the document for native Spanish speakers and made it available for originators and other stakeholders with Spanish-speaking customers. “Recently the CFPB released a guide for older homeowners on how to […]
The Consumer Financial Protection Bureau (CFPB) released the 19th edition of its Supervisory Highlights last week, which includes examinations of reverse mortgage loan and manufactured home loan servicers. CFPB examinations yielded information concerning activities which appeared to result in the conveyance of inaccurate information concerning reverse mortgage annual percentage rates (APRs). The document also includes […]
The Trump Administration in concert with the Consumer Financial Protection Bureau (CFPB) has asked the United States Supreme Court to take on a case challenging the Bureau’s constitutionality, in a move endorsed by Bureau Director Kathleen L. Kraninger based on a brief obtained by RMD. However, the Bureau’s recorded enforcement actions have increased under Director […]
The Consumer Financial Protection Bureau (CFPB) announced on Wednesday its intention to enhance its previously controversial Consumer Complaint Database, which aims to provide additional information and context to new submissions. “[CFPB] will continue the publication of consumer complaints, data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several enhancements to the […]
The Consumer Financial Protection Bureau (CFPB) this week announced a new partnership with a group of state-level regulating authorities to launch the American Consumer Financial Innovation Network (ACFIN), a network that is designed to “enhance coordination among federal and state regulators to facilitate financial innovation,” according to an announcement released by the CFPB. While sending […]
A case levied against Ocwen Financial Corporation (NYSE: OCN) by the Consumer Financial Protection Bureau (CFPB) in 2017 has been dismissed by a federal judge in Florida, though the Bureau has the option to refile the case if it so chooses, according to a story in National Mortgage News. Originally filed by the Bureau in […]
As parts of the Bahamas and Southeastern U.S. are bearing the brunt of Hurricane Dorian, the Consumer Financial Protection Bureau (CFPB) has released a new guide for borrowers of Home Equity Conversion Mortgages (HECMs) who have been affected by natural disasters. “Today we released a guide for older homeowners on how to meet their reverse […]
