Items Tagged with 'enforcement action'


  • Mulvaney’s CFPB yet to initiate enforcement actions

    “We won’t go looking for excuses to bring lawsuits”
    Former Director Richard Cordray left the Consumer Financial Protection Bureau 135 days ago, leaving his place to Acting Director Mick Mulvaney. Since then, the bureau has not issued a single enforcement action. Here's the bureau’s new approach toward keeping the finance industry in line.
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  • CFPB slaps JPMorgan Chase with $4.6M penalty over checking account problems

    Outlines measures to stop future violations
    The Consumer Financial Protection Bureau hit JPMorgan Chase with a $4.6 million penalty for failures related to information it provides for checking account screening reports. CFPB Director Richard Cordray explained the bureau is imposing the penalty “because Chase did not have the required processes to report this information accurately, and kept consumers in the dark about reporting disputes and application denials.”
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  • The future of TRID hangs in the balance amid Trump regulatory actions

    Will the industry ever get the answers it needs on TRID?
    A freeze on a final rule of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called TRID, could become an unfortunate side effect of Trump’s executive order on Monday. The last status update the bureau gave the industry was that it would weigh submitted comments and then issue a final rule. But will the industry ever get its much-needed answers to TRID with the new regulatory actions Trump announced?
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  • Former CFPB attorney pretty much just confirmed the worst fears of the mortgage industry

    We may be right, after all
    In "The Tragic Downfall of the Consumer Financial Protection Bureau," Ronald Rubin, a former enforcement attorney at the Consumer Financial Protection Bureau and former chief advisor on regulatory policy at the House Financial Services Committee, highlights what he calls the heavy politicization of the CFPB. In doing so, Rubin also just confirmed the worst fears of the mortgage industry.
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  • CFPB fines three reverse mortgage lenders over deceptive advertising

    To pay a total of nearly $790,000
    American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending. “These companies tricked consumers into believing they could not lose their homes with a reverse mortgage,” said CFPB Director Richard Cordray.
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  • Fannie Mae CEO reveals "next frontier" of mortgage lending

    Here is the next big idea
    The recent launches of initiatives such as the Day 1 Certainty program, the student loan venture with SoFi and progress with affordable lending under the HomeReady program underpin Fannie Mae's dedication to increase mortgage lending. Even so, you’d be hard pressed to guess the next big thing in lending. And now you don’t have to.
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  • RPM Mortgage: We did nothing wrong, but settled with CFPB anyway

    MBA’s Stevens says CFPB’s ‘regulate by enforcement’ hurts consumers most
    A heavy-handed and inconsistent enforcement approach to dense rules means the CFPB is actually hurting consumers, and making it increasingly hard for companies like RPM Mortgage to do business. That, the CEO says, is why they settled without admitting any wrongdoing.
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  • 1st Alliance Lending turns itself in to CFPB

    Mortgage lender violates RESPA requirements
    Connecticut mortgage lender 1st Alliance Lending is required to pay an $83,000 civil penalty by the Consumer Financial Protection Bureau after it self-reported violating federal law by illegally splitting real estate settlement fees.
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