April 22, 2016
Nonbank Mortgage Servicers and the Foreclosure Crisis
The United States Government Accountability Office has issued a report, Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened. The GAO found that The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 … Continue reading
April 22, 2016 in CFPB | Permalink | No Comments
April 21, 2016
Couples Leave Money on Closing Table
Geng Li, Weifeng Wu and Vincent Yao, three Fed economists, have posted a research note, Do People Leave Money on the Table? Evidence from Joint Mortgage Applications and the Minimum FICO Rule. The authors state that there “is mounting evidence … Continue reading
April 21, 2016 in CFPB | Permalink | No Comments
April 15, 2016
Consumer Survey Surveillance
As I had noted previously, The Consumer Financial Protection Bureau had issued a notice and request for comment on the Financial Well-Being National Survey. My submitted comments on it are below: The Consumer Financial Protection Bureau has solicited comment on whether this … Continue reading
April 15, 2016 in CFPB | Permalink | No Comments
April 12, 2016
Testing CFPB’s Constitutionality
Law360 quoted me in PHH Case Poised To Test CFPB’s Constitutionality (behind a paywall). It opens, A battle over the Consumer Financial Protection Bureau’s interpretation of mortgage regulations in assessing a $109 million penalty against a New Jersey-based mortgage firm has morphed … Continue reading
April 12, 2016 in CFPB | Permalink | No Comments
April 7, 2016
Protecting Seniors’ Home Equity
The Consumer Financial Protection Bureau has issued and Advisory and Report for Financial Institutions on Preventing Elder Financial Abuse. The Report defines elder financial exploitation as the illegal or improper use of an older person’s funds, property or assets. Studies … Continue reading
April 7, 2016 in CFPB | Permalink | No Comments
March 31, 2016
Surveying Financial Well-Being
The Consumer Financial Protection Bureau has issued a notice and request for comment on the Financial Well-Being National Survey. The CFPB is asking for comments on (a) Whether the collection of information is necessary for the proper performance of the … Continue reading
March 31, 2016 in CFPB | Permalink | No Comments
February 22, 2016
Consumer-Friendly Financial Innovation
The Consumer Financial Protection Bureau issued a Final Policy Statement on No-Action Letters. According to the press release, the policy is intended to facilitate consumer access to financial products and services that promise substantial benefit to consumers.” More specifically, according to the … Continue reading
February 22, 2016 in CFPB | Permalink | No Comments
