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CFPB Announces Potential Payday Loan Rules
The Consumer Financial Protection Bureau announced it is considering issuing proposals to end “payday debt traps” ― payday loans, deposit advance loans, vehicle title loans, and other high-cost installment and open-end loans.
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Fannie Mae Updates Appraisal Underwriting Rules
February 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), and updates to […]
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Proposal Aimed at Small Creditors Serving Rural and Underserved Areas
View a summary of the CFPB’s potential changes for mortgage lenders. Comments on the proposed rule are due March 30, 2015.
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CFPB Finalizes Minor Changes to TRID
Learn about two small changes to the Truth-in-Lending and Real Estate Settlement Procedures Act Integrated Disclosure rules (TRID), effective August 1, 2015.
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FinCEN Penalizes Compliance Officer
On December 18, the Financial Crimes Enforcement Network (FinCEN) announced that it had assessed a $1 million penalty against the former compliance officer of MoneyGram for several Bank Secrecy Act (BSA) compliance violations.
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Proposed Rule Expands Foreclosure Requirements
On November 20, 2014, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule requiring mortgage servicers to provide additional foreclosure protections to certain borrowers. The 492 page proposal would amend Regulations X and Z.
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CFPB: Lenders Cannot Request Certain Social Security Disability Income Information
The Consumer Financial Protection Bureau (CFPB) released a blog posting and bulletin on November 18, 2014, about lenders impermissibly asking for proof regarding the length of time a consumer will continue to receive social security disability income.
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CFPB Proposes Giving Consumers More Prepaid Product Protections
The Consumer Financial Protection Bureau (CFPB) issued a proposal on November 13, 2014, providing consumers with several new “protections” related to the prepaid product market.
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FinCEN Outlines Rules on Providing Banking Services to MSBs
The Financial Crimes Enforcement Network (FinCEN) issued a statement on November 10, 2014, regarding money services businesses (MSBs) losing access to banking services.
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Proposed Changes to Flood Insurance Rules for Financial Institutions
Five federal regulatory agencies, including the National Credit Union Administration, issued a joint notice of proposed rulemaking to change the flood insurance rules.