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Tag Archives: Consumer Financial Protection Bureau

Joint Hearing Held on Federal Regulation of Mortgage Servicing

At a hearing Thursday, two House Financial Services subcommittees came together to discuss the role of federal agencies in the creation of new mortgage servicing standards and settlements with the nation's largest mortgage servicers on foreclosure practices. Witnesses called for new universal standards for the servicing industry. ""Improving mortgage servicing will take both market reforms and regulatory reforms,"" said Mark Pearce of the FDIC.

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New Mortgage Disclosure Form to Help Safeguard Against Default: CFPB

The new Consumer Financial Protection Bureau (CFPB) aims to avert at least one hitch in the home loan process that some market experts say started a whirlwind of mortgage delinquencies - ensuring consumers have a clear understanding of the cost associated with their mortgage. CFPB unveiled two prototypes for a new regulatory disclosure form Wednesday that the agency will begin testing this week. Each of the prototypes combines the two-page TILA disclosure and the three-page RESPA disclosure into a single, abbreviated form.

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Government Accountability Office Pushes for Servicing Accountability

In the wake of the industry's robo-signing issues, the Government Accountability Office (GAO) has released a report urging the new Consumer Financial Protection Bureau to make mortgage servicing standards a priority. After examining applicable laws and interviewing mortgage investors and other industry participants, the agency concluded that federal laws do not specifically address the foreclosure process, and as a result, oversight of servicers has been ""limited and fragmented.""

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Fed Proposes Rule on Borrowers’ Ability-to-Repay

The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require lenders to determine a borrower's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are in response to new consumer protection directives laid out by the Dodd-Frank Reform Act. The proposal provides four options for complying with the ability-to-repay requirement.

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Robo-Signing Settlement Disputes Continue After Wednesday’s Meeting

Attorneys general and federal regulators sat down with major servicers this week to discuss the details of the robo-signing settlement. Both sides have submitted their own version of what they believe a settlement should look like, and this week's meeting is just the first in what will likely be a long period of negotiations. Banks have repeatedly spoken out against what they believe to be terms that are too harsh and may even encourage moral hazard. Mortgage investors are also weighing in on the proposed terms.

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New Consumer Bureau to Put Down Roots Across from White House

Location, location, location. Elizabeth Warren says ""that's the real estate mantra, and the new consumer bureau is following the professional's lead."" The U.S. Department of the Treasury announced late last week that the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, D.C., just across the street from the White House complex.

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Federal Reserve Steps Back on New Mortgage Disclosure Rules

The Federal Reserve said this week that it ""does not expect"" to finalize three pending rule changes under TILA that would have mandated new consumer disclosure requirements for mortgage loans. The Fed began crafting the new regulations more than a year ago in response to claims that borrowers did not understand the terms of the loans they were signing. However, rulemaking authority for TILA and jurisdiction over consumer disclosures is scheduled to transfer to the new Consumer Financial Protection Bureau within a few months.

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Treasury Appoints General Counsel and Deputies for CFPB

On Wednesday, Treasury announced its newest appointments for the leadership team of the Office of the General Counsel within the Consumer Financial Protection Bureau (CFPB) implementation team. The CFPB will have statutory oversight of mortgage lending and the power to set new rules for home loans and other consumer-facing credit products. Len Kennedy will serve as general counsel, and Meredith Fuchs will serve as principal deputy general counsel. Roberto Gonzalez and Michael Gordon will serve as deputy general counsels.

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New Vista CEO Named Chair of Fed’s Consumer Advisory Council

The Federal Reserve announced Monday that it has named 10 new members to its Consumer Advisory Council and designated a new chair and vice chair for 2011. The council advises the Federal Reserve board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. Jim Park, CEO of the REO disposition firm New Vista Asset Management, has been selected to chair the council.

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Rep. Bachmann Introduces Bill to Repeal Dodd-Frank

Members of the 112th Congress were sworn in just days ago, and already lawmakers are making big waves. Rep. Michele Bachmann introduced legislation Thursday to repeal the Dodd-Frank financial reform bill that calls for the creation of the Consumer Financial Protection Bureau to set tighter regulations for mortgage lending and servicing, and outlines new secondary market rules intended to curb risk-taking by mortgage lenders. Congressman Barney Frank rebuked Bachmann's move as a return to the days of irresponsible and over-leveraged lending.

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