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Bills to reform credit bureaus unveiled on eve of hearing

02.27.2019

WASHINGTON — Ahead of a hearing with the chief executives of the three major credit reporting agencies, House Financial Services Committee leadership has released two bills aimed at reforming the bureaus and protecting credit scores for government employees affected by the shutdown.

FHFA would ban VantageScore from Fannie Mae, Freddie Mac credit scores

12.14.2018

WASHINGTON—The Federal Housing Finance Agency has proposed barring Fannie Mae and Freddie Mac from using credit scores developed by VantageScore over concern about conflicts of interest with the joint venture of Equifax, Experian and TransUnion.

It's the law: Trump signs off on reg relief bill

05.24.2018

WASHINGTON — The most significant regulatory relief legislation since the crisis made it to the finish line Thursday as President Trump signed targeted reforms of the Dodd-Frank Act into law.

Senate reg relief bill opens new front in credit-scoring battle

03.14.2018

Among the several provisions in the regulatory relief bill, nearing passage in the Senate, is a new measure dealing with credit scores that some observers and stakeholders say is redundant.

Handle HMDA With Care

01.18.2016

In October 2015, the Consumer Financial Protection Bureau (CFPB) finalized the Home Mortgage Disclosure Act (HMDA) adding more to the data point requirements burden on lenders and vendors.

Michael Flynn, a partner in Goodwin Procter’s Financial Institutions Group sat down with MReport to explain how the HMDA rule is shaking up the mortgage industry and advises on how to cope with the changes.

CFPB Responds to MBA, Says TRID Implementation Period Not 'Punitive'

01.05.2016

The Consumer Financial Protection Bureau, in direct response to concerns raised by the Mortgage Bankers Association, last week explicitly stated that it viewed the first months of implementation of its RESPA/TILA Integrated Disclosure rule as "corrective and diagnostic, rather than punitive."  

New rules raising the cost of mortgages

11.24.2015

Under a recent directive from the federal Consumer Financial Protection Bureau, lenders, title insurers and settlement agents were required to comply with a new, nearly 1,900-page rule book designed to improve transparency and accuracy in real estate and mortgage transactions for home buyers and refinancers. The regulations impose potentially heavy penalties on lenders that get their cost estimates wrong or fail to deliver accurate disclosures to consumers on prescribed timelines at application and closing.

CFPB Points Out Illegal Mortgage Activities in Supervisory Report

06.24.2015

In order to provide transparency, reduce risks to consumers, and comply with Federal consumer financial law, the Consumer Financial Protection Bureau (CFPB) recently shared its eighth Supervisory Highlights report. The report covers the illegal practices that the Bureau uncovers in areas such as consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending for the first four months of the year.

According to the supervisory report, the CFPB found problems with dual-tracking at mortgage servicers that could lead consumers to believe their trial modifications were canceled.

CFPB’s TRID Flip Brings Calls for More Changes

06.19.2015

Yesterday’s abrupt surprise announcement by the Consumer Financial Protection Bureau (CFPB) that it will be issuing a proposed amendment to delay the effective date of the TILA RESPA Integrated Disclosure (TRID) rule, until Oct. 1 was greeted with calls from across the industry that challenged the Bureau to go further to help accommodate consumers and lenders.

The National Association of Realtors (NAR) noted that the original Aug. 1 deadline would have come at the worst possible time for potential homeowners trying to secure a mortgage.

TRID effective date pushed back to October

06.17.2015

The Consumer Financial Protection Bureau has announced it will delay the effective date of the Know Before You Owe rule.

“We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks,” said CFPB Director Richard Cordray. “We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

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