The Consumer Financial Protection Bureau (CFPB) recently presented its first Semi-Annual Report to the President and Congress. Among other issues, the report includes the CFPB’s agenda for the next six months. It is aggressive and includes items that will represent a lot of work for our readers. The agenda includes: Final rules defining the lender’s obligation to assess the borrower’s ability to repay mortgage loans; Proposed mortgage loan disclosures, which combine Truth in Lending disclosures […]
Month: February 2012
2012 – THE YEAR OF FAIR LENDING ISSUES
2012 is going to be a big year for Fair Lending issues. In late December 2011 the Department of Justice (DOJ) entered into the largest residential fair lending settlement in the agency’s history. The $335 million settlement resulted from the lender charging higher rates and fees to African-American and Hispanic borrowers than non-Hispanic white borrowers. Attorney General Eric Holder has made clear that DOJ is gearing up for additional fair lending suits. DOJ has filed […]
CFPB PUBLISHES MAJOR REVISION TO REGULATION E
A volcanologist is a person who studies volcanoes. It must be a frustrating job; one to which I can relate. I guess I am a CFPBologist. I study the Consumer Financial Protection Bureau to try to predict when they will erupt. The Bureau of Consumer Financial Protection (CFPB) is publishing a final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates a comprehensive new system of consumer […]