On Thursday July 19, 2012, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) each published releases announcing action against Capital One for Unfair, Deceptive and Abusive Acts or Practices (UDAAP) in violation of Section 5 of the Federal Trade Commission Act. This is the CFPBs first public enforcement action. The bank will pay $150 million in damages to 2.5 million affected consumers. This includes $140 million to
CFPB – SEMIANNUAL REGULATORY AGENDA
Category: CFPB
Recently the CFPB published its agenda as part of the Spring 2012 Unified Agenda of Federal Regulatory and Deregulatory Actions. The CFPB reasonably anticipates having the regulatory matters identified below under consideration during the period from June 1, 2012 to May 31, 2013. The next agenda will be published in fall 2012 and will update this agenda through October 1, 2013. Law/Regulation: Home Mortgage Disclosure Act/Regulation C Summary: The amendments made by the Dodd-Frank Act
ANOTHER DOJ DISCRIMINATION SETTLEMENT
Category: DOJ, Fair Lending
On July 12, 2012, Wells Fargo, the nation’s largest mortgage lender, agreed to settle with the Justice Department to resolve allegations that it steered black and Hispanic borrowers into subprime loans when similarly qualified white borrowers received mortgages with lower rates. The settlement requires Wells Fargo to provide $125 million to borrowers, $50 million in down-payment assistance in hard-hit regions where Justice found evidence of discrimination, and additional compensation to blacks and Hispanics who were
The biggest big news on Monday July 9, 2013 was the 1,099 page proposal to combine TIL and RESPA forms. The other big news on Monday was the 293 page proposal to amend the Truth in Lending Act by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act of 1994 (HOEPA), by revising and expanding the triggers for coverage under HOEPA, and by imposing
On July 6, 2012, President Obama signed into law the Moving Ahead for Progress in the 21st Century Act (Map-21) (H.R. 4348), which , includes the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Among numerous other provisions, Biggert-Waters re-authorizes the National Flood Insurance Program (NFIP) through 2017. The NFIP had been operating under stopgap extensions (18 since 2008) and shut down twice for several weeks. Just one of these lapses, in June 2010, stalled
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