FHFA director says changes are coming to improve credit conditions
FHFA Director Melvin Watt made “extraordinary announcements” at the MBA Annual conference in Las Vegas that could result in sweeping changes to the U.S. housing market, according to MBA CEO David Stephens. Read on to find out what they involved.
President delivers ‘chip and PIN’ message from CFPB
President Obama issued an executive order Oct. 17 saying the federal government would transition secure payments to and from the government to “chip and PIN” technology, including newly issued and existing government credit cards and debit cards such as Direct Express and SmartPay. Read on for more details about the government’s move.
CFPB enforcement action carries warning for banks that advertise free checking
The Consumer Financial Protection Bureau ordered Buffalo-based M&T Bank to refund $2.9 million to tens of thousands of consumers the agency said were shifted out of their free checking accounts when they failed to maintain a minimum level of account activity. The bureau said the bank disclosed the minimum activity requirement in certain documents but failed to do so in its adverting. Read on for the details.
CFPB announces first enforcement action under new servicing rules
The Consumer Financial Protection Bureau announced its first enforcement action under servicing rules that took effect in January. In addition to violating the bureau’s Real Estate Settlement Procedures Act servicing rules, the agency said Michigan-based Flagstar Bank committed unfair acts or practices by impeding borrowers’ access to loss mitigation and engaged in deception by misrepresenting borrowers’ right to appeal loan application denials. Read on for the details.
Community bankers have ‘mixed view’ of non-QM lending
Community bankers have a wide range of opinions regarding whether to make loans that do not fit within the Consumer Financial Protection Bureau’s qualified mortgage provisions, according to survey results released by the Federal Reserve and Conference of State Bank Supervisors. What percentage of community bankers said they are making non-QM loans this year? Read on for the details and to learn about other top issues facing industry participants across the nation.
Wells Fargo shares plans for new Closing Disclosure forms
Who will prepare and deliver the Closing Disclosure forms and how will the process change? Wells Fargo announces its plans.