Tag Archives: CFPB

According to the CFPB, the Hoffman Law group was set up to give the appearance that it would give specialized legal help to distressed homeowners who were either seeking mortgage loan modifications or trying to avoid foreclosure.

In fact, the industry discovered that simply analyzing data from the CFPB is not enough, especially since the database arrives with its own built-in bias—that bias being the very nature of the database itself. It collects complaints, not praises, and ignores the larger universe of loans serviced nationwide. To fill the void of well-rounded data, Black Knight Financial Services and the Five Star Institute jumped into the missing space and used data from the CFPB database and its own analytics to inform its latest white paper on CFPB complaints. This select print feature originally appeared in the May 2015 issue of DS News magazine.

Perdue said the Consumer Financial Protection Bureau Accountability Act of 2015 will provide critical Congressional oversight for a Bureau that is funded by the Federal Reserve but is led by a single director rather than a board of directors and is not accountable to Congress.

The Oversight and Investigations Subcommittee will convene on that day to discuss the controversial piece of legislature, which was enacted in 2010 in response to the financial crisis. The Chairman of the Oversight and Investigations Subcommittee, Representative Sean Duffy (R-Wisconsin), has been an outspoken critic of Dodd-Frank.

According to the CFPB's announcement, consumers with limited credit histories can be placed in two groups – "credit invisible," which means the consumer has no credit report, or "unscored," which means the consumer has some credit history but not enough to generate a credit score, or else the information is "stale" and out of date.

The U.S. Court of Appeals for the District of Columbia Circuit dismissed a constitutional challenge to the Consumer Financial Protection Bureau (CFPB) brought about by Costa Mesa, California-based support services company Morgan Drexen Integrated Systems.

Ensuring a well-trained workforce could mean the difference between sinking or swimming in today’s strictly regulated environment. This select feature originally appeared in the May 2015 issue of DS News.

The data showed that modification, collection, and foreclosure-related complaints were falling at an even fast rate than the number of non-current loans over that same period. In Q1 2013, the number of such complaints were received by the Bureau totaled 10,047; for the fourth quarter of 2014, that number was 4,741, a decline of 53 percent–compared to the 27 percent decline for non-current loan inventory.

Compliance by states that do have an AMC regulatory body begins one year from the day the new regulations go live, which would put the deadline at the beginning of Q3 2016, according to FHFA. Compliance means adopting minimum registration and supervisory protocols for AMCs, including those that are subsidiaries of federally insured depository institutions.

"The goal of conference is to connect the core community of researchers and policymakers with the best research being conducted across the wide range of disciplines and approaches that can inform the topic of consumer finance," CFPB said on the conference website. "We hope that the conference is attended by a diverse audience from academia, government agencies, nonprofit agencies, and industry."