CFPB’s proxy methodology for detecting discrimination comes under fire
Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Service Committee to discuss the bureau’s semi-annual report. Cordray fielded questions about the bureau’s proxy methodology for measuring disparate impact in indirect auto lending. There have been reports that the method is leading to an overestimation of discrimination on the basis of race and national origin.
Title agent uses fight and humor to survive cancer
For the fourth year, October Research, LLC, sets aside two weeks to support the Stefanie Spielman Fund for Breast Cancer Research during Breast Cancer Awareness Month. The disease has affected many in the settlement services, financial and real estate industries, and we bring you one such story from cancer survivor Michelle Kynkor of Gateway Title. Read on for her story.
Cordray discusses possible TRID hold-harmless
The House Financial Services Committee held a hearing Sept. 29, hosting Consumer Financial Protection Bureau Director Richard Cordray to discuss the bureau’s Semi-Annual Report. Among the topics explored were the differences between auto lenders and auto dealers and whether there may be a hold-harmless enforcement period for the TILA-REPSA Integrated Disclosure rules.
Thousands of lenders unsure of TRID enforcement practices
Lenders and financial institutions who are supervised by the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) do not have the kind of enforcement guidance for the new TILA-RESPA Integrated Disclosure (TRID) rules that others in the industry have received from the Consumer Financial Protection Bureau. Dodd Frank Update asked the FDIC and OCC how they planned to supervise and enforce TRID after Oct. 3. Read on to see what they said.
TRID arrives, but is everyone ready to go?
It seems like we’ve been waiting for the TILA-RESPA Integrated Disclosure (TRID) rules for a while, but despite the nearly two-year ramp up to the effective date, not everyone seems to be at the same level of preparations for the changes. Melissa Kozicki, the director of compliance for the Mortgage Builder division of Altisource, which also owns Lenders One, spoke with Dodd Frank Update.
CFPB tells debt collection industry to pay attention to order
A recent enforcement action by the Consumer Financial Protection Bureau (CFPB) against two debt buyers was not simply a slap on the wrists for the company. CFPB Director Richard Cordray specifically told the industry to study the consent orders signed with each company for insight on how the bureau plans to create regulations for debt collections. Read on to find out the lessons you need to know.