The financial sector experienced the largest number of layoffs in February compared to other sectors, but unlike recent reports, the cuts follow successful companies taking proactive steps in adjusting to new realities.
Despite overall improvement in the 2013 jobs market, the financial sector took a beating this past year, becoming the industry where employers cut the most. The sector recorded 60,962 job cuts for 2013, up 49% from 41,008 in 2012.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More