According to the announcement, the bank was allegedly found in direct violation of the Equal Credit Opportunity Act (ECOA), which prohibits creditors from discriminating against applicants in credit transactions on the basis of characteristics such as race, color, and national origin.
Read More »CFPB Complaint Report Cites Problems With Loan Mod Process
Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable.
Read More »Watchdog Says Controls for CFPB Complaint Database Can Be Enhanced
In order to assess the effectiveness of the CFPB's controls over the accuracy and completeness of the database, the OIG performed an audit of these controls relevant to the database covering processes from January 1, 2014, through June 30, 2014, and complaints in the database through June 30, 2014.
Read More »U.S. Rep. Duffy Says Financial Reform Attempts Have Failed America
Duffy said in Wednesday's editorial at the time Dodd-Frank was passed in July 2010, President Obama promised it would "lift the economy," stabilize markets, protect Americans' hard-earned money, and end "too big to fail" to ensure that the failure of any one financial institution would threaten the stability of the global economy.
Read More »Counsel’s Corner: Does the CFPB Really Understand Non-Judicial Foreclosures?
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Angela Kleine, a partner in the San Francisco office of Morrison Foerster.
Read More »Mortgages Rank Third Among Consumer Complaints in Latest CFPB Snapshot
As of August 1, 2015, the Bureau has handled 677,200 consumer complaints across all products in slightly more than four years of operation, according to the snapshot.
Read More »Divisiveness of Dodd-Frank is Evident Five Years After Its Passage
The controversial Dodd-Frank Wall Street Reform and Consumer Protection Act just passed its five-year anniversary on July 21, and lawmakers and other stakeholders have never been more divided as to its effectiveness (or lack thereof) as they have been recently, according to CoreLogic's August 2015 MarketPulse released this week.
Read More »Fed OIG to Conduct Security Audit on Personal Consumer Data Collected by CFPB
The Federal Reserve's Office of the Inspector General (Fed OIG) recently updated its work plan to include a security audit of the data being collected on consumers by the Consumer Financial Protection Bureau (CFPB).
Read More »The TRID Delay: What it Means for the Industry Now and In the Future
The Consumer Financial Protection Bureau (CFPB) gave the mortgage industry quite the surprise on June 24 of this year. Editor's note: This select print feature appeared in the August 2015 issue of DS News.
Read More »Senate Bill Would Give Community Banks a Say in Regulatory Process
U.S. Senators Mike Rounds (R-South Dakota) and Angus King (I-Maine) have introduced a bill that would give community banks, small businesses, and credit unions a say in the Consumer Financial Protection Bureau (CFPB)'s rulemaking process.
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