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Tag Archives: Consumer Financial Protection Bureau

MBA and Others Send Letter to Fed Regarding Consumer Disclosures

The Mortgage Bankers Association and six other industry groups sent a letter to Federal Reserve Chairman Ben Bernanke Monday, voicing their concern that the Fed, which has jurisdiction over the Truth in Lending Act (TILA), and HUD, which oversees the Real Estate Settlement Procedures Act (RESPA), will create regulatory rules that overlap. The Dodd-Frank Act created the Consumer Financial Protection Bureau, which will be overseen by yet another agency, the Treasury, and will have regulatory authority over consumer disclosures.

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Survey: 54% of Americans Dissatisfied With Dodd-Frank Reforms

The turbulent financial crisis sparked overwhelming support by Americans for Congress to enact financial legislation to prevent future bailouts. But according to the findings of an academia study, the landmark Dodd-Frank Act failed to meet consumer expectations. Only 12 percent of survey respondents declared they were satisfied with the reform bill, while 54 percent of Americans were dissatisfied. Sentiment about real estate pricing and strategic defaults were also examined in the quarterly study.

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Absent Automation, Lenders at Risk for Non-Compliance, Says LoanSifter

Insufficient automation could cause non-compliance issues for mortgage lenders, credit unions, and banks when it comes to the extensive regulatory changes emerging as a result of the Dodd-Frank Reform Act, according to Bruce Backer, president of LoanSifter. Mortgage lenders are most affected by title XIV of the act, which sets national underwriting standards for residential loans, and Backer says even more reforms are headed our way when the Consumer Financial Protection Bureau begins establishing additional regulations for the industry.

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Obama to Name Warren to Start Up Consumer Protection Bureau

The big news coming out of Washington today -- President Obama will hold a special press briefing Friday to name Elizabeth Warren to set up the new Consumer Financial Protection Bureau. She won't be nominated to fill the role of the bureau's chief, as has been widely expected, at least not yet. Instead, she'll be appointed assistant to the president and special advisor to the secretary of the Treasury. She'll head a steering committee responsible for getting the new agency, which will oversee mortgage lending, up and running.

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Regulators Unable to Provide Date for Banks’ SAFE Act Compliance

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) stipulates that residential loan officers at banks, credit unions, and other federally regulated financial institutions must register their names and fingerprints with a national database. Financial institutions must establish procedures for compliance by October 1, 2010, but the deadline by which employees must be registered is unknown, ""because the necessary modifications to the registry have not been completed,"" according to federal officials.

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