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Dodd-Frank Wall Street Reform and Consumer Protection Act

Debt Collection Market Under CFPB Consideration

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The Consumer Financial Protection Bureau (CFPB) took the first step toward considering consumer protection rules for the debt collection market. Through its Advance Notice of Proposed Rulemaking (ANPR), the Bureau is collecting information on a wide array of issues, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts. The Bureau also announced today that it will begin adding consumer complaints about debt collections to its public Consumer Complaint Database.Click to continue

DocMagic Announces New QM Compliance Test

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DocMagic Inc. said it will roll out its new qualified mortgage (QM) test to its customers this month. The new functionality, based on the most recent rules handed down by the federal government, is in testing now with a select group of DocMagic clients. “While the new qualified mortgage standard doesn’t go into effect until 2014, lenders need access to the tools now in order to train their internal teams,” said Laurie Spira, DocMagic’s chief compliance officer.Click to continue

CFPB Sheds Light on Servicing Rules

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The Consumer Financial Protection Bureau (CFPB) is releasing a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the Fair Debt Collection Practices Act.Click to continue

CFPB Fines Chase $309 Million-Plus for Deceptive Credit Monitoring Practices

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The Consumer Financial Protection Bureau (CFPB) has ordered Chase Bank USA NA and JPMorgan Chase Bank NA to refund an estimated $309 million to more than 2.1 million customers for illegal credit card practices. This enforcement action is the result of work started by the Office of the Comptroller of the Currency (OCC), which the CFPB joined last year. The agencies found that Chase engaged in unfair billing practices for certain credit card “add-on products” by charging consumers for credit monitoring services that they did not receive.Click to continue

CFPB Releases a Second Update to its New Mortgage Reg Exam Procedures

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The Consumer Financial Protection Bureau (CFPB) has released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as the rules become effective.Click to continue

CFPB Busts Utah Firm for Violating LO Compensation Rules

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The Consumer Financial Protection Bureau (CFPB) has filed a complaint in federal district court against a Utah-based Castle & Cooke Mortgage LLC and two of its loan officers for illegally giving bonuses to LOs who steered consumers into mortgages with higher interest rates. The Bureau is seeking an end to this unlawful practice, restitution for those consumers who were upcharged, and civil money penalties. “We are taking action against the type of practices that precipitated the financial crisis,” said CFPB Director Richard Cordray.Click to continue

FDIC Updates Stress Testing Implementation Timeline for Large Banks

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The Federal Deposit Insurance Corporation (FDIC) has announced it is considering changes to the implementation timeline for the annual capital-adequacy stress tests required by section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The changes under consideration would delay implementation until September 2013 for covered institutions with total consolidated assets between $10 billion and $50 billion. Under a proposed rule approved by the FDIC Board of Directors on Jan.Click to continue

Why the Dodd-Frank Act Isn’t Enough

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010. Few in the appraisal industry adhered to appraisal standards prior to this law, and unfortunately, few understand now what true compliance means, and how to ensure the appraisal process is contributing to the lender’s success, rather than impeding it. Click to continue

CFPB Requests Public Input on Prototype of Monthly Mortgage Statement

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The Consumer Financial Protection Bureau (CFPB) is seeking public input on a draft monthly mortgage statement designed to make it easier for homeowners to understand their loans and avoid unnecessary costs and fees. The draft monthly mortgage statement is available by clicking here. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that most mortgage borrowers receive periodic statements containing specified information.Click to continue

SEC Proposed Rule to Require Underwriting Standards on MBS by Due Diligence Providers

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The Securities & Exchange Commission (SEC) has voted unanimously to propose new rules and amendments intended to increase transparency and improve the integrity of credit ratings. The proposed rules would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and enhance the SEC’s existing rules governing credit ratings and Nationally Recognized Statistical Rating Organizations (NRSROs).Click to continue