Compliance

The state has proposed a law to cap the interest rate on certain consumer loans, but nonbanks aim to skirt it by seeking a rent-a-charter.

The two Democrats sent a letter “raising grave concerns about whether the bureau is fulfilling its statutory obligations.”

Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, it hasn't sent a Department of Justice referral on a fair-lending violation in two years.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

The agency’s director previewed a policy for companies under enforcement action to have their orders terminated if they comply ahead of schedule.

Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.

After two regulatory agencies adopted final revisions to the rule, Dodd-Frank defenders expressed concern that the amendments to the proprietary trading ban undermined the post-crisis statute.

The Federal Housing Administration updated its lender certification proposal originally issued this past May, as it looks to ease industry concerns on False Claims Act enforcement.

Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.

The CFPB did not file any fair-lending enforcement actions in the 2018 fiscal year and did not refer any Equal Credit Opportunity Act violations to the Department of Justice.

Alarmed about continued high nonmarket-based prepayment rates, Ginnie Mae is requesting input from lenders on how to make the mortgage-backed securities it guarantees fairer to investors without hurting borrowers.

The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania.

Director Kathy Kraninger said the agency will emphasize a confidential supervisory process instead of just doling out public enforcement actions. But skeptics worry this will let companies escape punishment.

Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated.

The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.

Ginnie Mae could limit how much servicing income mortgage lenders can sell off through a transaction if they don't establish a minimum 25-basis-point spread at the portfolio level by next year.

Ginnie Mae has restricted loanDepot's ability to securitize Veterans Affairs mortgages because of apparent churning of recent originations.

While the foreclosure crisis is over and federal regulators are being less assertive on enforcement actions, mortgage servicers must remain vigilant about compliance, as state agencies are stepping up their own oversight, according to Standard & Poor's.

The Federal Trade Commission, which issued a formal complaint against SoFi, is urging other lenders to review their advertisements for false claims about the benefits of refinancing.

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.