Items Tagged with 'CFPB'

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The new normal: Time to close settles at 46 days

Ellie Mae report suggests TRID issues are calming down
After rising, falling, and rising again in the wake of the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, the time to close a mortgage loan appears to finally be settling into a new normal – about a month and a half.
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CFPB to credit unions: New mortgage regulations level the lending playing field

TRID is good news
After the financial crisis, the government unleashed a wave of new regulation; a move that left credit unions constantly fighting to make sure they don’t drown in the aftermath. The latest speech from CFPB Director Richard Cordray comes off as persuasive, trying to get credit unions to see all the good the rules do for them, but that's not the vibe credit unions received. Is TRID a win for credit unions?
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CFPB consumer complaint database about to hit 1 million complaints

Cordray discusses milestone during Wells Fargo hearing
The Consumer Financial Protection Bureau’s much-maligned consumer complaint database is about to reach 1 million total complaints, CFPB Director Richard Cordray said Tuesday. And, as it turns out, the database proved helpful in levying the $185 million fine against Wells Fargo for opening 2 million fake accounts.
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Clinton weighs in on 'deeply disturbing' Wells Fargo scandal, vows to protect CFPB

Rebuts Republican calls to alter or abolish CFPB
Well, it’s now coming at Wells Fargo from nearly every angle. As the embattled megabank’s CEO, John Stumpf, prepared to be grilled on Capitol Hill about the fake account scandal surrounding the bank, Democratic presidential nominee Hillary Clinton weighed in on the issue, saying that she is “deeply disturbed” by the bank’s conduct, and took the opportunity to defend the Consumer Financial Protection Bureau.
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FBR: Wells Fargo's next move is critical, for the bank and for the industry

CEO John Stumpf to face grilling on Capitol Hill
What happens over the next few days will go a long way in determining how Wells Fargo, and the banking industry as a whole, will weather the storm currently swirling around the megabank from the “widespread unlawful” practices of more than 5,000 former employees who opened more than 2 million fake accounts in order to get sales bonuses.
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House Financial Services Committee launches own investigation into Wells Fargo

Megabank already facing inquiry in Senate
Another shoe is about to drop on Wells Fargo, as the megabank attempts to weather the storm surrounding the $185 million fine levied against it for the “widespread unlawful” practices of more than 5,000 former employees who opened more than two million fake accounts in order to get sales bonuses. The bank is facing an investigation by the Department of Justice, an inquiry from the Senate Banking Committee, and now an investigation by the House Financial Services Committee.
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Mastered the CFPB's 900-page mortgage-servicing rule yet?

You’ll be tested on it in a year
Servicers have roughly a year to study and master the Consumer Financial Protection Bureau’s mortgage servicing rule. Luckily, HousingWire is bringing together two industry experts for an exclusive Q&A webinar to make sure you have all the information. Don’t miss out.
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Wells Fargo CEO headed to Senate hot seat for account scandal

CEO John Stumpf expected to appear before Senate Banking Committee
As it turns out, Wells Fargo will have to answer to more than just the CFPB for the "widespread unlawful" practices of more than 5,000 former employees who opened more than 2 million fake accounts in order to get sales bonuses. The mega bank will now have to report to one of the most powerful committees on Capitol Hill.
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Is Wells Fargo scandal just the beginning of big-bank bad-behavior probe?

CFPB director: "We will be looking for these types of problems"
A quick search through the CFPB's public consumer complaint database produces some alarming results that raise the question: "Is Wells Fargo’s cross-selling scandal over and is it really limited to only one bank?” The following complaint examples do exactly what the database is designed to do, "humanize the problems." With millions of customers already impacted from Wells Fargo’s scandal, you can bet potential and current borrowers are now more weary about trusting banks.
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