The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it. Congress has been unable to enact a long-term extension of parts of the...more
The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term....more
The CFPB has released the Summer 2023 edition of Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage...more
7/31/2023
/ Bank Deposits ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Debt Collection ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
Lenders ,
Military Lending Act ,
Mortgages ,
Regulation B ,
Regulation X ,
Regulation Z ,
Supervisory Highlights ,
UDAAP
The U.S. Court of Appeals for the Fourth Circuit recently ruled that a mortgage servicer violated the Maryland Consumer Debt Collection Act (MCDCA) by charging a $5 convenience fee to borrowers for monthly payments made by...more
On June 28, 2021, the CFPB issued its Mortgage Servicing COVID-19 Final Rule (the Final Rule). The Final Rule, which amends Regulation X, is effective August 31, 2021, and comes at the same time as certain related updates...more
The CFPB has released the Winter 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan...more
2/18/2020
/ Adverse Action ,
Annual Percentage Rate (APR) ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Financial Services Industry ,
Loan Servicing ,
Loss Mitigation ,
Mortgage Servicing Rules ,
Mortgages ,
Payday Lending Rule ,
Regulation B ,
Regulation X ,
Regulation Z ,
Student Loans ,
Supervisory Highlights ,
UDAAP
The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions. Most of the provisions are effective on October 19, 2017. ...more
10/21/2016
/ Banking Sector ,
Borrowers ,
Consumer Bankruptcy ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Federal Register ,
Financial Institutions ,
Financial Services Industry ,
Interpretive Rule ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages