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CFPB takes action against wireless carrier
Posted Date: Friday, December 19, 2014
The Consumer Financial Protection Bureau filed a complaint against a wireless provider for allegedly cramming customer bills with unauthorized third-party charges. It is a move that sheds light on the extent with which the bureau can pursue “covered persons” under its Dodd-Frank authority to take action against unfair, deceptive, or abusive acts or practices.
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CFPB unveils 2015 rulemaking plans
Posted Date: Monday, December 1, 2014
The Consumer Financial Protection Bureau signaled that it plans to make additional amendments to mortgage rules it issued under Title XIV of the Dodd-Frank Act. It also set a target date for the completion of final rules implementing Dodd-Frank’s changes to the Home Mortgage Disclosure Act. Read on to learn about the bureau’s 2015 rulemaking plans.
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CFPB to track data furnishers in medical debt field
Posted Date: Monday, December 15, 2014
In a Dec. 11 field hearing, Consumer Financial Protection Bureau Director Richard Cordray outlined the bureau’s plan to reform the credit reporting and debt collection industries’ approach to medical debt. Read on the learn more about the bureau’s new development.
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CFPB takes action against scammers
Posted Date: Tuesday, December 16, 2014
The Consumer Financial Protection Bureau has been focusing its attention on college students, taking action against two student debt relief companies, issuing a consumer advisory, and releasing a report on college credit card agreements. Read on to learn what debt relief “services” caught the bureau’s attention, what consumers may know in their future dealings, and what the CFPB discovered about the accessibility of college credit card agreements.
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CFPB enters consent order against debt-settlement company, law firm
Posted Date: Tuesday, December 9, 2014
The Consumer Financial Protection Bureau entered a proposed consent order on Dec. 4, marking the end of one of its first cases to address abusive acts by debt-settlement companies. Read on to learn more about the penalties listed in the consent order.
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Fed proposes GSIB rule in response to Basel standards
Posted Date: Tuesday, December 16, 2014
The perception of “too big to fail” reduced incentives for larger, more systemically important companies to discipline excessive risk-taking and created competitive distortions that were unfair to smaller companies. To address this misperception and to continue its duties under Section 165 of the Dodd-Frank act, the Federal Reserve Board has proposed a rule in response to Basel’s international standards for global systemically important banks. And guess what – it is more stringent.
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Congress approves bill raising asset threshold for BHCs to $1 billion
Posted Date: Tuesday, December 16, 2014
Bank holding companies with less than $1 billion in total consolidated assets soon may qualify for the reduced reporting requirements and Capital Guidelines exemptions under the Federal Reserve’s Small Bank Holding Company Policy Statement. Read on about the bill that has bipartisan support as well as Fed, American Bankers Association and Independent Community Bankers of America approval.
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Auto lending comments discuss threshold, carve outs
Posted Date: Monday, December 15, 2014
Pursuant to its Dodd-Frank authority to supervise certain non-bank covered persons, the Consumer Financial Protection Bureau proposed a rule that would amend the definition of larger participants of certain consumer financial product and service markets by identifying a market for automobile financing and defining as large participants of this market certain non-bank covered persons that would be subject to the bureau’s supervisory authority. The comment session for this proposal closed on Dec. 8, read on to learn what some industry members had to say about the proposal.
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CFPB signals increases in staffing, funding for 2015
Posted Date: Wednesday, December 3, 2014
The Consumer Financial Protection Bureau had 1,443 employees at the close of fiscal year 2014, and it still has room to grow, the agency said in a new financial report. Read on to find out how much money the agency spent during this past fiscal year.
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Industry group sues over risk retention rule
Posted Date: Monday, December 1, 2014
An industry group launched a legal challenge targeting provisions of final Dodd-Frank risk retention rules unveiled in October. The Loan Syndications and Trading Association previously argued that the rules could harm the market for collateralized loan obligations, which is an important source of funding for U.S. businesses. Read on to learn about the group’s concerns.
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House approves bill supporting central treasury units
Posted Date: Friday, December 5, 2014
The House approved H.R. 5471, a bill aimed at clarifying the Dodd-Frank Act’s treatment affiliates of non-financial firms that use central treasury units. Read on to learn more about the bill’s intended purpose and the arguments made for its support.
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CFPB semi-annual report discusses budget, enforcement actions
Posted Date: Monday, December 15, 2014
In its sixth Semi-Annual Report to Congress and the President, the Consumer Financial Protection Bureau discussed its budget, its continued focus on the mortgage industry and other activities mandated by Dodd-Frank, and some of the most frequently cited violations.
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Ombudsman’s report highlights contacts for CFPB
Posted Date: Tuesday, December 9, 2014
The Consumer Financial Protection Bureau’s Ombudsman Office is an independent, impartial and confidential resource designed to help those regulated by the CFPB raise questions and complaints. In this year’s annual report, the office took time to detail which area of the bureau to address when communicating topics with the CFPB. Read on to learn who to get in touch with if you have questions.
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Indirect auto lending study blasts CFPB methodology
Posted Date: Wednesday, December 3, 2014
A new study by Charles Rivers Associates on the indirect auto lending industry found that the Consumer Financial Protection Bureau’s fair lending methodology are “conceptually flawed in their application and subject to significant bias and estimation error.” Read on to find out why researchers believe the bureau missed the mark in its view of the market.
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Zillow employee files whistleblower lawsuit in California court
Posted Date: Friday, December 5, 2014
According to a Zillow employee, after he reported alleged “rampant” fraudulent activity to Zillow management, the company retaliated against him in violation of the whistleblower protections in the Sarbanes-Oxley Act of 2002. Read on for the details of his lawsuit.
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Senators back Military Lending Act proposals
Posted Date: Tuesday, December 9, 2014
A group of 40 senators have written the Department of Defense in support of proposed changes to the Military Lending Act that would bring it in line with requirements of the Truth in Lending Act. Read on to find out why they support the proposed changes.
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Financial report highlights CFPB growth, expenses
Posted Date: Tuesday, November 24, 2015
The Consumer Financial Protection Bureau released its financial report for fiscal year 2015, detailing its expenses, staff growth and renovation costs. How much money has the bureau been requesting from the Federal Reserve, and how does that amount compare with what it can actually spend? Read on to find out.
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Congressional members ask IG for audit of Fannie, Freddie REO contractors
Posted Date: Tuesday, December 16, 2014
A group of 26 Congressional members wrote to the inspector general of the Federal Housing Finance Agency on Dec. 11 to ask for a review of internal controls implemented by Fannie Mae and Freddie Mac to ensure contractors under their control are complying with the Fair Housing Act.
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AFSA answers pre-dispute arbitration letter with its own
Posted Date: Monday, December 15, 2014
The American Financial Services Association has weighed in again on the issue of pre-dispute arbitration, answering a letter sent from state attorneys general to Consumer Financial Protection Bureau Director Richard Cordray with a letter of its own.
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Fannie, Freddie to restart Housing Trust Fund payments
Posted Date: Monday, December 15, 2014
Six years after a temporary suspension was issued to Fannie Mae and Freddie Mac, the Federal Housing Finance Authority on Dec. 11 instructed both government-sponsored enterprises to begin allocating funds to the Housing Trust Fund and the Capital Magnet Fund. Read on for the details of why the suspensions are being lifted.
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Wells Fargo addresses Closing Disclosure questions
Posted Date: Wednesday, December 10, 2014
Wells Fargo is addressing questions from title agents and other settlement services professionals about their plans for the Closing Disclosure, after the lender announced in September that it would deliver the Closing Disclosure to borrowers when the new rules take effect Aug. 1, 2015.
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Cordray ties financial education, libraries
Posted Date: Tuesday, December 9, 2014
Consumer Financial Protection Bureau Director Richard Cordray said financial education in the public library system was key to helping consumers take care of their financial needs. Read on to find out the reason behind the bureau’s push.
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Fed takes comments on GE Capital enhanced oversight
Posted Date: Tuesday, December 9, 2014
More than a year after the Financial Stability Oversight Council determined that General Electric Capital Corp. should be designated for enhanced prudential standards and Federal Reserve regulation and supervision, the Federal Reserve Board has opened public comment on that oversight.
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Community banks’ burden in focus at EGRPRA outreach
Posted Date: Friday, December 5, 2014
In the first of a series of outreach meetings on the Economic Growth and Regulatory Paperwork Act, regulators discussed the need for reducing regulatory burdens on community banks and thrifts. Read on to see what they had to say.
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CFPB to address medical debt collections in field hearing
Posted Date: Friday, December 5, 2014
The Consumer Financial Protection Bureau will be addressing medical debt collections in a field hearing this week. Read on for hearing details and to learn about some of the issues involved in the medical debt collections debate.
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HUD deputy secretary confirmed
Posted Date: Friday, December 5, 2014
The Senate confirmed the next deputy secretary of the U.S. Department of Housing and Urban Development. Read on to find out who it will be.
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State AGs urge Cordray to regulate pre-dispute arbitration agreements
Posted Date: Friday, December 5, 2014
Attorneys general from 16 states have written Consumer Financial Protection Bureau Director Richard Cordray to urge the bureau to regulate the pre-dispute mandatory arbitration clauses in consumer agreements for financial products or services. Read on to find out why they believe the time for regulation is here.
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Agencies push Wells Fargo to improve living will
Posted Date: Wednesday, December 3, 2014
Wells Fargo was told it would need to improve its resolution plan when submitting its 2015 plan to the Federal Reserve, regulators from the Fed and the Federal Deposit Insurance Corp. said. Read on to find out what the bank’s next step will be.
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AGs seek Telemarketing Sales Rule update
Posted Date: Wednesday, December 3, 2014
Attorneys General from 38 states in a comment letter to the Federal Trade Commission asked for an update to the Telemarketing Sales Rule that would protect consumers from telemarketing fraud and abuse.
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10 storylines that will shape financial reform in 2015 (Pt. 3)
Posted Date: Wednesday, December 3, 2014
2014 showed that financial reform can change course in important ways for any number of reasons, and Dodd Frank Update is identifying trends that likely will shape the reform debate in the New Year. Read on to learn about the expanding footprint of the CFPB and the election’s potential impact on Dodd-Frank.
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RESPA-TILA implementation: What are you waiting for?
Posted Date: Monday, December 1, 2014
Dire warnings to prepare for implementation of the CFPB’s integrated RESPA-TILA disclosures are largely being ignored, according to Howard Lax, a member of Michigan-based Bodman PLC. In this article, Lax presents a sampling of issues that creditors need to address with their loan officers and other staff, as well as mortgage brokers and loan correspondents.
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Watt discusses ‘most difficult issue’ he faces at FHFA
Posted Date: Monday, December 1, 2014
The Federal Housing Financial Agency is grappling with numerous contentious issues as it attempts to chart a course for government-sponsored enterprises Fannie Mae and Freddie Mac at a time when the future of the U.S. housing finance system is far from certain. However, Mel Watt, the agency’s director, recently told the Senate Banking Committee that one issue likely stands out as the most difficult he has faced in his nearly one year at the helm of the FHFA. Read on for the details.
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10 storylines that will shape financial reform in 2015 (Pt. 2)
Posted Date: Monday, December 1, 2014
If some were unconvinced before, 2014 proved that, for better or worse, Dodd-Frank is here to stay. However, it also proved that financial reform is fluid and can change course in important ways for any number of reasons. Dodd Frank Update continues exploring 10 storylines that promise to shape financial reform in the New Year. Part two of this series focuses on recent policy shifts at the FHFA, the state of housing finance reform and renewed calls to reduce regulatory burden for community financial institutions.
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