CFPB Releases Spanish Translation of Natural Disaster Guidance

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 […]

CFPB Exam Points to Inaccurate Reverse Mortgage APRs

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 […]

CFPB Structure Could See Supreme Court Challenge as Enforcement Actions Rise

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 […]

CFPB Announces ‘Enhancements’ to Consumer Complaint Database

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 […]

CFPB Partners with State Regulators for Financial Innovation Network

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 […]

Judge Dismisses CFPB Case Against Ocwen, Though Bureau Can Refile

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 […]

CFPB Issues New Reverse Mortgage Natural Disaster Guidance

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 […]

CFPB Now Accepting Comments for HMDA Rule Proposal

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday that it is now accepting comments concerning a proposed rule change to aspects of the Home Mortgage Disclosure Act (HMDA), changes which would affect coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit. “Specifically, the Bureau requests comments on […]

CFPB Advisory Offers Steps for Financial Institutions to Protect Seniors

The Consumer Financial Protection Bureau (CFPB) has issued an update to a 2016 advisory to financial institutions, which included a series of best practices designed to assist those institutions in protecting seniors who hold certain accounts with them. In this update of the previous advisory, the CFPB encourages banks and credit unions to report to […]

CFPB Releases Spanish Language Translation of Reverse Mortgage Guide

The Consumer Financial Protection Bureau (CFPB) announced this week that it has released a new version of its consumer guide to reverse mortgages, translated for Spanish-speaking consumers. “The guide, also available in English, provides an overview of many key concepts of reverse mortgage loans,” said Cora Hume from the CFPB Office of Older Americans in […]