Articles Tagged with ''CFPB''

Equifax agrees to pay up to $700 million for data breach

Credit reporting agency settles federal and state probes into 2017 mega-hack
Equifax, one of the nation’s top three credit reporting agencies, agreed to pay up to $700 million to settle federal and state investigations into the 2017 hack that exposed Social Security numbers and other personal data of almost half the population of the U.S. "Equifax failed to take basic steps that may have prevented the breach," FTC Chairman Joe Simons said. Click the headline to read more.
Read More
From HW Magazine

Law firm works with MBA's Action Alliance to pursue regulatory relief

Black, Mann & Graham provides lenders training on LO comp issues
The Consumer Financial Protection Bureau’s Loan Originator Compensation rule has proven to be a controversial topic among mortgage lenders. Nearly 250 senior executives organized by the Mortgage Bankers Association sent a letter to the CFPB asking for significant changes to the rule last year. Lenders continue to push toward an LO comp rule change as it presents multiple challenges in today’s mortgage environment. Black, Mann & Graham, one of Texas’ largest document preparation law firms, provides lenders training on LO comp issues and is working with the MBA’s Action Alliance to pursue regulatory relief.
Read More

[Pulse] We need to make LO comp work for everyone. Here's how

This is what I think the CFPB should do to fix LO Comp Rule problems
There are many in the mortgage industry who argue that the entire LO Comp Rule should be scrapped. But such a move would potentially re-open the door to the bad practices of the subprime era, and the divisive debate over this would likely be doomed to failure. Instead, the CFPB could use its existing authority to tweak its LO Comp Rule to fix certain problems. Here's what I think should be done.
Read More

Former CFPB official whose blog posts sparked racial scandal lands gig at HUD

Trump appointee Eric Blankenstein will handle Ginnie Mae matters for HUD
Eric Blankenstein was a senior official at the CFPB when racially charged blog posts from his past emerged, sparking outrage – and an internal investigation – at the agency last year. Now, Blankenstein has landed a new role within the Trump administration, joining HUD’s Office of General Counsel as a senior counsel tasked with working on Ginnie Mae matters.
Read More

CFPB finds Freedom Mortgage intentionally reported inaccurate HMDA data

Bureau hits Freedom with fine for HMDA reporting errors
Loan officers at Freedom Mortgage intentionally reported inaccurate Home Mortgage Disclosure Act data over a several-year period, the CFPB said Wednesday. According to the bureau, an investigation found that Freedom reported "inaccurate race, ethnicity, and sex information" and that "much of Freedom’s loan officers' recording of this incorrect information was intentional" during that time. Click the headline for details.
Read More

Here are 5 things the CFPB will focus on in 2019

Publishes spring 2019 rulemaking agenda
The Consumer Financial Protection Bureau recently published its spring 2019 rulemaking agenda, showing the regulatory matters it reasonably anticipates having under consideration during the period of May 1, 2019, to April 30, 2020. The CFPB explained that the new permanent Director Kathy Kraninger is now ready to begin rulemaking activities after having recently completed a listening tour.
Read More

CFPB claims debt collection firm Forster & Garbus robo-sued thousands on behalf of Citibank, Discover, others

Attorneys allegedly reviewed cases for only minutes before signing off on lawsuits
During the foreclosure crisis, a number of lenders, servicers, law firms, and others engaged in a practice where employees basically rubber-stamped thousands of foreclosure cases without reviewing any of the relevant details. That practice came to be known as robo-signing. Now, a new lawsuit from the CFPB sheds light on a similar practice that apparently exists within the debt collection industry – let’s call it "robo-suing."
Read More

Trump appointee resigns from CFPB after blog posts spark investigation

Eric Blankenstien will leave the bureau at the end of the month
A senior official at the CFPB whose racially charged blog posts sparked outrage last year is resigning. In an email to colleagues, Eric Blakenstein said he is stepping down from his post to pursue an unnamed opportunity elsewhere, and the news has some on the other side of the aisle cheering.
Read More