It’s hard to believe that TRID is now almost five years old. But even as memories of the industry’s massive operational and compliance readiness efforts begin to fade, TRID errors continue to plague lenders. However, while there have been challenges along the way, a lot has still gone right that we can celebrate. The industry will continue to work its…
Will the Consumer Financial Protection Bureau (CFPB) become a mere shell of its former self? Appears so, if Mick Mulvaney, its current Acting Director, has his way. Since its creation, the financial institutions that it regulates have decried that the CFPB is overbearing in pursuing its mission to protect consumers. CFPB’s approach has been to regulate by enforcement of laws…
Since Richard Cordray’s departure as CFPB Director and after a brief power struggle surrounding the appointment of Michael Mulvaney as Acting Director, CFPB started making some changes. In January, they issued notification of a series of Requests for Information (RFIs) to obtain comment to help determine if they are properly fulfilling their obligation to protect consumers. The RFIs to date…
In case you haven’t heard, there are some changes going on down at the CFPB. The new Administration is trying to foster a more business-friendly atmosphere while maintaining the CFPB’s mission of consumer protection. Can it be done? Only time will tell. The conversation, or should I say debate, has begun. With Mulvaney now as Acting Director, moves are being…
The CFPB is welcoming the new year with a change of heart on the collection of the new HMDA data. According to Acting Secretary Mulvaney, CFPB will offer lenders a safe harbor from enforcement action arising from reporting errors for the new 2018 data. A big win for lenders! Further, according to Mulvaney, the CFPB plans to reduce the burdens…
The MBA, along with other mortgage and banking industry trade groups, are challenging CFPB’s ‘Proposed Guidance’ for handling the disclosure of HMDA data. The CFPB proposes to exclude certain loan-level data points, modify other data points prior to disclosure, and disclose other information without modification. The trade groups say the disclosure of information will put the consumer at risk. Consumers…
