CFPB: Nationwide Consumer Advisory Issued on Predatory Solar Lending
CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans The Consumer Financial Protection Bureau (CFPB) today issued an issue spotlight finding that some residential solar lenders are misleading homeowners about the terms and costs of their loans, misrepresenting the energy savings they will deliver, and cramming markup fees into borrowers’ loan balances….
CFPB: Agency Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies
The Consumer Financial Protection Bureau today joined several other federal financial regulatory agencies in announcing a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies. The proposal would promote interoperability of financial regulatory data across the agencies through the establishment of data standards for identifiers of legal entities and…
CFPB: New Report Highlights Junk Fees Charged by School Lunch Payment Platforms
Families are paying costly and hard-to-avoid transaction fees The Consumer Financial Protection Bureau (CFPB) today released a report on payment processing companies that help school districts process children’s school lunch payments. These private companies process payments made by parents who may have limited or zero payment alternatives. With a captive customer base, these companies can…
CFPB: New Publication Warns Against Intimidation of Whistleblowers
Forcing workers to sign broad nondisclosure agreements could deter disclosure of misconduct The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do…
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the…
CPFB: Interpretive Rule Proposed to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
Proposed rule also addresses unusual practice of workers “tipping” their lender or employer The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders understand their legal obligations to…
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models…
CFPB: New Rule Proposed to Help Homeowners Avoid Foreclosure
Proposed rules would require servicers to help homeowners before foreclosing, give servicers more flexibility by reducing paperwork requirements, and improve communication with homeowners The Consumer Financial Protection Bureau (CFPB) today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would…
CFPB: Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products
Supervisory Highlights report also reviews practices related to deposit and prepaid account freezes and information access The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical…
CFPB & FHFA: Updated Data from the National Survey of Mortgage Originations Released for Public Use
New data provides details on appraisals, willingness to move, and disability accommodations The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally…