Items Tagged with 'CFPB'

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  • CFPB's Kraninger reverses Mulvaney's changes to advisory boards

    Undoes Mulvaney's actions by strengthening committees
    It appears Kathy Kraninger is determined to leave her mark on the CFPB, nixing yet another move made by her predecessor Mick Mulvaney. On Thursday, the new CFPB director announced that she is changing the rules surrounding the Consumer Advisory Board and other committees, reversing actions Mulvaney had taken less than a year ago to limit the committees.
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  • CFPB calls out reverse mortgage servicing problems

    Warns servicers to review documentation sent to heirs to avoid risk of deception
    As part of its ongoing effort to keep tabs on loan servicers, the Consumer Financial Protection Bureau released a report this week that highlighted problems with the servicing of reverse mortgages. According to the bureau, a recent examination brought to light the fact that some reverse mortgage servicers have issued misleading statements to the heirs of deceased reverse mortgage borrowers.
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  • VA loans skyrocket in popularity for first-time homebuyers

    VA loans for first-time homebuying servicemembers far more prevalent than in 2006
    Servicemembers are far more likely to opt for a Department of Veterans Affairs mortgage than any other type of loan when buying their first home, a new report from the Consumer Financial Protection Bureau shows. Here's a look at how much more popular VA loans have become for servicemembers in the last decade.
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  • CFPB plans to issue rules on PACE loans

    Bureau asks for industry input on green financing
    The CFPB signaled Monday that it plans to issue rules for the PACE program, which allows homeowners to obtain financing to make improvements to their homes to increase the home’s energy efficiency. The CFPB said Monday it is issuing an “Advance Notice of Proposed Rulemaking” on PACE financing that could see an Ability-to-Repay provision added to PACE regulations.
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  • Equifax expecting punishment from CFPB and FTC over massive data breach

    Reveals CFPB is planning to levy a fine
    Equifax is expecting various forms of punishment from the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, the company revealed recently.
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  • Long live the CFPB: Kraninger kills bureau name change to BCFP

    Tells bureau staff: I care much more about what we do than what we are called
    Just one day after Sen. Elizabeth Warren called for an internal investigation into the Consumer Financial Protection Bureau’s mission to change its name to the Bureau of Consumer Financial Protection, new CFPB Director Kathy Kraninger is putting an end to the whole affair. In what amounts to Kraninger’s first official act as the CFPB director, Kraninger is suspending any efforts to change the bureau’s name from the CFPB to the BCFP.
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  • Trump picks former CFPB Director Mick Mulvaney to be White House chief of staff

    Mulvaney gets a new job in the administration after all
    President Donald Trump has apparently long considered Mick Mulvaney to serve as White House chief of staff, and now, after numerous fits and starts to that process, Mulvaney is finally set to replace John Kelly in that role. Trump announced via Twitter on Friday afternoon that he is naming Mulvaney as the “acting” White House chief of staff. According to Trump, Mulvaney will officially take over as chief of staff when Kelly leaves the administration at the end of this year.
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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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  • It's official: Senate approves Kathy Kraninger to serve as next CFPB director

    Trump's nominee set to take over for Mick Mulvaney
    Long the target of Republican ire, the Consumer Financial Protection Bureau will soon be run by the Republican president's handpicked choice. In what amounted to an anticlimactic vote in a nearly empty Senate chamber, the Senate, voting along party lines, voted Thursday to approve Kathy Kraninger as the next director of the CFPB.
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