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Tag Archives: CFPB

Consumer Complaints to CFPB Nearly Double in 2013

According to new data offered by the CFPB, complaint volume last year totaled 163,700, an 80 percent increase from the 91,000 recorded complaints in 2012. Including this year, the bureau has received more than 310,000 complaints to date. The leap in volume underscores the challenges that still remain despite the progress made by financial industries in the last few years.

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Regulations Pose “Continued Operational Problems”

Speaking at the fifth annual Five Star Government Forum on Tuesday, Christopher Whalen presented on the topic, "Government's Role in Restoring a Healthy Mortgage Market." Whalen's presentation focused on the effects of government regulations on the housing industry.

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CFPB Names 3 Key Senior Positions

The Consumer Financial Protection Bureau (CFPB) announced that three experts have been named to senior positions within the Bureau. These positions are: the Assistant Director for the Office of Research; the Assistant Director for the Office of Financial Empowerment; and the Assistant Director for the Office of Installment and Liquidity Lending Markets.

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CFPB’s HMDA Data Changes Could Increase Litigation

Seeking to "gain greater insight into issues about access to credit," the Consumer Financial Protection Bureau (CFPB) announced the launch of a rulemaking process to change reporting requirements under the Home Mortgage Disclosure Act (HMDA). The new reporting requirements could have unintended consequences for both mortgage servicers, and legal teams who assess discriminatory lending practices.

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CFPB Recovers $1 Million for Veterans

HELOC

The Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the bureau about financial products or services have recovered over $1 million. The report covers more than 14,000 complaints filed from July 21, 2011 through February 1, 2014.

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CFPB Reform Bill Passes in the House

Some changes may be on the horizon for the Consumer Financial Protection Bureau (CFPB). The U.S. House of Representatives passed H.R. 3193, The Consumer Financial Freedom and Washington Accountability Act, which would bring more "accountability and transparency," according to Representative Sean Duffy (R-Wisc), the bill's sponsor.

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CFPB Director Calls for Increased Financial Literacy

For Richard Corday, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.

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Qualified Mortgage Guidelines Haven’t Lowered Risk

A new report by the American Enterprise Institute (AEI) says mortgage risk remains unaffected by the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) guidelines. The group’s National Mortgage Risk Index (NMRI), a measure of loan performance under stressful economic conditions, increased to a reading of 11.8 percent in January from 10.6 percent at the end of 2013.

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