Items Tagged with 'Consumer Financial Protection Bureau'

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BancorpSouth fined $10.6 million for discriminatory lending, redlining

CFPB, DOJ accuse bank of having "explicitly discriminatory denial policy"
BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices. The agencies accused BancorpSouth of a number of discriminatory practices, including illegally redlining in Memphis, and implementing an "explicitly discriminatory loan denial policy."
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CFPB unveils new mortgage servicing compliance exam targets

Mortgage servicers, here's what the CFPB is looking for now
On Wednesday, the Consumer Financial Protection Bureau laid down the law on mortgage servicers, warning them that they "cannot hide" behind subpar technology and use that as an excuse to avoid CFPB sanctions. But that's not all the CFPB is going to be looking into when it is reviewing mortgage servicers. Here is what else the CFPB is going to be looking into going forward.
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CFPB issues warning to mortgage servicers: You can't hide behind bad computer systems

Investigations found servicers' deficient technology caused harm to consumers
The Consumer Financial Protection Bureau just fired a shot across the bow of the country's mortgage servicers after it found that some servicers are using outdated computer systems that could run them afoul of CFPB rules. "Mortgage servicers can't hide behind their bad computer systems or outdated technology," said CFPB Director Richard Cordray. "There are no excuses for not following federal rules."
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Congress to consider changes to controversial CFPB complaint database

New bill would require verification of complaint details
When the Consumer Financial Protection Bureau began publishing consumers' complaints against financial services companies several years ago, many of those companies and other industry observers took issue with the fact that the complaints were, in many cases, unverified and unproven. But this could all change soon thanks to a new bill that Congress is set to consider.
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National Association of Realtors pushes CFPB for TRID changes

Proposes three changes to 'Know Before You Owe' rules
The Consumer Financial Protection Bureau notified the housing industry earlier this year that it planned to make some changes to the much-discussed TRID rule. In a new letter sent to the CFPB, the National Association of Realtors identifies three issues its members have seen with TRID and suggests fixes to those issues that could be included in the coming rule adjustments.
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Hillary Clinton, Elizabeth Warren both blast Republican Dodd-Frank repeal plan

Warren: Republican plan is a "wet kiss for Wall Street"
Considering how many times House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX, blamed "the Left" for the consequences of the Dodd-Frank Wall Act during his speech announcing a Republican-crafted plan to repeal Dodd-Frank, it was highly likely that those on "the Left" would be quick to condemn Hensarling’s plan. And two of the top names in the Democratic party didn't disappoint.
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Inside the foundation-shattering Republican plan to abolish Dodd-Frank

Includes ending 'too big to fail', dramatic overhaul of CFPB
If House Financial Services Committee Chairman Rep. Jeb Hensarling, gets his way, Tuesday, June 7, 2016 will soon be remembered as the day that the death clock started on the Dodd-Frank Wall Street Reform and Consumer Protection Act. Here's an in-depth look at the Republican-crafted plan to fundamentally change how the CFPB, the FHFA, and the country's entire financial system, functions.
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Are Richard Cordray's days as CFPB director numbered?

Growing momentum in Congress to replace current leadership structure
In his nearly three years as the director of the Consumer Financial Protection Bureau, Richard Cordray made friends and enemies on both sides of the aisle in Congress, on Wall Street and beyond. But several new reports suggest that Cordray's time as CFPB director, at least as the role is currently constructed, could be ending soon.
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Republicans set to unveil plan to replace Dodd-Frank

Hensarling: Dodd-Frank "stands as a monument to the arrogance and hubris of man"
Later this year, the Dodd-Frank Wall Street Reform and Consumer Protection Act will reach its sixth anniversary, unless Congressional Republicans get their way. They would hate to see Dodd-Frank reach anniversary number seven judging by this recent, fiery speech. Here's what their replacement would look like.
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