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.
Tag: Dodd-Frank Act
CFPB Invokes ‘Dormant Authority’ to Examine Nonbank Companies Posing Risks to Consumers
In a highly unusual move, the Consumer Financial Protection Bureau on Monday announced it would invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers.
FHFA Publishes Final Rule on GSE ‘Living Wills’
The Federal Housing Finance Agency on Monday published a final rule that requires Fannie Mae and Freddie Mac to develop credible resolution plans, also known as “living wills.”
MBA Comment Letter Asks Level Playing Field on Consumer Access to Financial Records
The Mortgage Bankers Association submitted a comment letter Thursday to the Consumer Financial Protection Bureau, asking that a Bureau proposal on consumer access to financial records provide a level playing field for all authorized data users and promotes consumer awareness in the ways that data are accessed and used.
MBA Asks CFPB to Extend GSE ‘Patch’ Sunset
The Mortgage Bankers Association, in a comment letter yesterday to the Consumer Financial Protection Bureau, asked the Bureau to extend the temporary GSE Qualified Mortgage loan definition, also known as the GSE “Patch,” for an additional six months following the effective date for the revised general QM parameters.
CFPB Issues Notices of Rulemaking to Address GSE ‘Patch’
The Consumer Financial Protection Bureau Monday issued two Notices of Proposed Rulemaking to address the impending expiration of the Government-Sponsored Enterprises Patch, also known as the GSE Patch, which affects nearly one million mortgage loans.
Sen. Fischer Reintroduces Bill to Create CFPB Commission; MBA, Trade Groups Send Letter of Support
Sen. Deb Fischer, R-Neb., reintroduced legislation this week that would change the structure of the Consumer Financial Protection Bureau from a single director to a bipartisan commission of five individuals.
The CFPB Policy Statement on ‘Abusive Acts or Practices:’ What it Means
On Friday, the Consumer Financial Protection Bureau issued a policy statement providing a “common-sense framework” on how it intends to apply the “abusiveness” standard in supervision and enforcement matters–a clarification long-awaited by Mortgage Bankers Association and the real estate finance community.
MBA, Trade Groups Raise Concerns over TRID Brokered Transactions
The Mortgage Bankers Association, in a letter last week to the Consumer Financial Protection Bureau, said as the Bureau assesses the effectiveness of its TRID Integrated Disclosure Rule it should reconsider provisions of the rule regarding wholesale creditors and brokered transactions.
Stanley C. Middleman: Are Non-banks Really a Systemic Risk?
The Financial Stability Oversight Council issued its annual report in December where it identified the growth of nonbank mortgage origination and servicing as a risk to the U.S. financial system. But is this really correct?