The Mortgage Bankers Association, in its second letter this week to the Consumer Financial Protection Bureau, urged the Bureau to withdraw a proposal requiring nonbanks to register and report their use of certain terms and conditions in form contracts for consumer financial products and services.
Tag: Consumer Financial Protection Bureau
MBA, State Regulators Ask CFPB to Withdraw Nonbank Registry Proposal
The Mortgage Bankers Association urged the Consumer Financial Protection Bureau to withdraw a controversial proposal requiring covered nonbank financial institutions to register with and report to the Bureau when they become subject to certain public local, state, or federal consumer financial protection agency or court orders.
CFPB Releases Final Rule on Small Business Loan Reporting
The Consumer Financial Protection Bureau on Thursday issued a final rule that would require some lenders to collect and report information about small business credit applications they receive, including geographic/demographic data, lending decisions and the price of credit.
Industry Briefs Mar. 30, 2023: Total Expert Updates on Salesforce AppExchange
Total Expert updated its products on Salesforce AppExchange, providing customers new ways to enhance the ROI of their Salesforce integrations.
CFPB Releases 2022 HMDA Data
The Consumer Financial Protection Bureau on Monday made Home Mortgage Disclosure Act Modified Loan Application Register data for 2022 available through the Federal Financial Institutions Examination Council’s HMDA Platform for more than 4,000 HMDA filers.
Industry Briefs Mar. 17, 2023: HUD Overhauls Disaster Recovery Program
HUD announced an overhaul of the agency’s disaster recovery efforts to better serve communities that face the direct impacts of weather-related disasters.
Government Roundup: FHA Publishes 40-Year Loan Mod Final Rule; CFPB Targets ‘Junk Fees’
In this week’s Government Roundup, FHA published a final rule that would permit 40-year terms for loan modifications; and the Consumer Financial Protection Bureau released a special edition of its Supervisory Highlights targeting allegedly unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student and payday lending.
The Week Ahead, Mar. 6, 2023: Mssrs. Powell, Chopra Visit Capitol Hill
Good morning and happy Monday. It’s a busy week in Washington, with Federal Reserve Chairman Jerome Powell and Consumer Financial Protection Bureau Director Rohit Chopra scheduled to testify before Congress. But first, here’s what else is happening this week:
Industry Briefs Mar. 3, 2023: Fitch Ratings Says FHA Premium Cuts ‘Credit Neutral’ for Private Mortgage Insurers
Fitch Ratings, New York, said recently announced reductions in the Federal Housing Authority mortgage insurance premium rates are not expected to have a meaningful credit impact on private U.S. mortgage insurance carriers.
The Townstone Decision: Implications for the CFPB and Mortgage Banks
Last week, a court decision dealt a significant blow to the Consumer Financial Protection Bureau’s enforcement authority—and it has broad implications for the nation’s independent mortgage banks as well.