Items Tagged with 'CFPB rules'

ARTICLES

  • CFPB details plan to reconsider and potentially eliminate existing rules

    Bureau to consider rules’ effect on small businesses
    The CFPB is already in the midst of enacting changes to some of its rules, namely the requirements for the data collection and reporting stipulated by HMDA and the bureau's enforcement practices, but those may not be the only rule changes coming from the CFPB. The bureau announced Monday that it plans to “periodically” review its regulations and may amend or even abolish existing rules.
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  • A kinder, gentler CFPB? Bureau announces new enforcement rules

    CFPB issues new policies on Civil Investigative Demands
    Kathy Kraninger may be charting a different path as director of the CFPB than that of her immediate predecessor, Mick Mulvaney, but one area where it appears Kraninger’s CFPB will be similar to Mulvaney’s is in the bureau’s friendlier attitude toward the companies it regulates.
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  • CFPB moves to further ease enforcement on financial services industry

    Releases new rules on “no-action letters” and proposes “product sandbox”
    In the last few days of his leadership at the Consumer Financial Protection Bureau, Mick Mulvaney moved to further ease the bureau’s enforcement of the industries that it oversees. Additionally, the CFPB proposal would create a “Product Sandbox,” which would allow and encourage companies to create and test new products and services under safe harbor provisions from the bureau itself.
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  • Mulvaney asks Congress to dramatically reduce CFPB’s independence

    Wants agency funded through Congress, new rules approved by Congress
    Mick Mulvaney continued his push to substantially alter the operations of a federal agency that he once called a “sick, sad joke” by asking Congress on Monday to significantly increase its oversight of the Consumer Financial Protection Bureau. In his first report to Congress as CFPB acting director, Mulvaney asked Congress to enact four major reforms that would considerably cut the CFPB’s independence.
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  • CFPB giving servicers “more latitude” in dealing with borrowers in bankruptcy

    Issues final rule on communication with certain borrowers
    Mortgage servicers are about to have “more latitude” when it comes to dealing with borrowers entering or exiting bankruptcy, the Consumer Financial Protection Bureau announced Thursday. The CFPB announced a final rule relating to certain borrowers facing bankruptcy. The rule was initially released by the CFPB back in October, but now the bureau is finalizing the rule.
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  • Did Mick Mulvaney just drastically change how the CFPB enforces fair lending laws?

    Reportedly strips Office of Fair Lending of its enforcement powers
    The way the CFPB enforces fair lending laws could be about to significantly change after CFPB Acting Director Mick Mulvaney reportedly stripped the bureau’s Office of Fair Lending of its enforcement powers. Former CFPB Director Richard Cordray, Sen. Elizabeth Warren, and fair housing groups bemoaned the move.
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  • Remaking the CFPB? Mulvaney wants to hear from you on how to fix bureau

    Will ask for public input on all functions of the bureau
    It’s clearly a whole new world at the CFPB with Mick Mulvaney in charge. How many more changes Mulvaney will bring to the bureau is now a question that the public (including the financial services industry) has the opportunity to weigh in on. Have an issue with the CFPB? Now's your chance to share your two cents.
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  • S&P: Impact of CFPB shakeup, deregulation will be limited for mortgage servicers

    Trump administration’s changes will not undo years of heavy regulation
    Given the Trump administration’s stated mission of decreasing regulations, it’s a fairly safe bet that whoever Trump picks as CFPB director will have a vastly different view of regulation than former director Richard Cordray did. But what will the impact of that looming deregulation have on mortgage servicers? Not very much, according to a recent report from S&P Global Ratings.
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  • Trump: CFPB not dropping penalties against Wells Fargo, bank will be fined for mortgage issues

    Responds to Reuters report on Mulvaney pausing regulatory action
    In addition to all the issues Wells Fargo faced over the last year, the bank said back in October that it planned to refund more than 100,000 borrowers who were improperly charged for rate lock extensions from Sept. 16, 2013, through Feb. 28, 2017. As it turns out, the CFPB was also looking into the issue and apparently planned to fine the bank for the improper rate lock fees, until Mick Mulvaney took over as acting director – or so it appeared.
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  • New York federal credit union sues Trump to block Mulvaney at CFPB

    Lawsuit claims installation of OMB Director at CFPB is “illegal”
    When Richard Cordray officially resigned as director of the CFPB last month, the agency was thrown into disarray after a fight emerged over who would replace Cordray, with Democrats on one side and Republicans on the other. Now, Democrats have what may seem like an unlikely ally in their fight over who's leading the CFPB – a financial institution that is regulated by the CFPB.
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