CFPB Monitor

JUNE 2, 2020

Our guests will discuss their consumer financial services priorities and focus areas arising from the COVID-19 crisis and beyond with leaders of Ballard Spahr’s Consumer Financial Services Group. ET, Ballard Spahr will hold a webinar, “State Attorney General Priorities: Coronavirus and Beyond.” Click here to register.

Illinois 78

Illinois Massachusetts Comparison California 78

Gonzobanker

FEBRUARY 15, 2019

Just six weeks into the new year, and another monster deal is positioned to shake up the industry, this time in lending. Private equity firm Thoma Bravo has agreed to acquire Ellie Mae, a leading purveyor of mortgage software, for a cool $3.7 At the same time, Ellie undertakes no mortgage-market credit risks. But who knows?

Lending 102

Lending Data System Software 102

Independent Banker

JUNE 30, 2022

But there are ways community banks can help mortgage-seekers get on the property ladder. I don’t think the issue is a lack of financing alternatives,” says Ron Haynie, ICBA’s senior vice president of mortgage finance policy. That increase in mortgage rates has a big impact on what a buyer can afford, notes Haynie. “So,

Community Bank 143

Community Bank Community Millennials Resources 143

CFPB Monitor

SEPTEMBER 20, 2018

Mr. Ranney, former Examiner-in-Charge at the CFPB, and Mr. Willis, who chairs Ballard Spahr’s Consumer Financial Services Litigation Group, discuss the CFPB’s findings regarding debt collection, payday loans, automobile servicing, and small business lending. To listen and subscribe to the podcast, click here.

Leadership 68

Leadership Groups Lending Report 68

FICO

OCTOBER 10, 2022

FICO Fact: Can having no credit score be better for consumers than a low credit score? A low FICO score for a consumer can have the perverse effect of preventing them from having access to a second chance through manual underwriting. We agree with consumer advocates that this is a legitimate concern. JessicaButalla@fico.com.

Analytics 52

Analytics Lending Data Michigan 52

FICO

OCTOBER 4, 2016

The potential of alternative data in consumer lending decisions continues to be a hot topic in Washington, D.C., Notably, the latest version of the Q&A guidance includes a new clarification of this standard involving the use of alternative credit histories in mortgage and consumer lending programs.

Lending 74

Lending Data Community FDIC 74

CFPB Monitor

NOVEMBER 18, 2021

Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and subsequently revised in several additional rulemakings (the “HMDA Rule”).

Compliance 78

Compliance Data Lending Operations 78

CFPB Monitor

NOVEMBER 9, 2018

The CFPB and Federal Housing Finance Agency (FHFA) have released the first public use file containing data from the National Survey of Mortgage Originations. The NSMO is a component of the National Mortgage Database (NMDB®) program, which we reported on previously. The current version of the survey contains 94 questions.

Survey 60

Survey National Data Lending 60

CFPB Monitor

APRIL 11, 2016

A number of prominent industry trade groups have written to the Department of Defense (DoD) seeking clarifications to the Military Lending Act (MLA) final rule adopted in July 2015 that dramatically expanded the scope of the MLA’s coverage.

Groups 60

Groups Lending Regulation Taxes 60

PYMNTS

MARCH 18, 2019

In a Friday (March 15) letter to the committee, addressed to Senators Mike Crapo (R-ID) and ranking committee member Sherrod Brown (D-OH), the CSBS said a standard (thus, a floor) would let individual states maintain a leading role in protecting consumers. Here’s a mortgage analogy. financial crisis.”.

California 122

California Data Security Regulation 122

Abrigo

OCTOBER 4, 2022

Effect of slowing prepayments Meanwhile, prepayments on mortgage-backed securities slow down, reducing cash flow coming back into the institution to be reinvested at a higher rate. DOWNLOAD . Takeaway 1 Banks and credit unions can increase earnings in a rising-rate environment with careful asset/liability management. 5 rate hikes.

Strategy 195

Strategy eBook Security Management 195

CFPB Monitor

SEPTEMBER 17, 2018

I am very excited to announce that today, Ballard Spahr’s Consumer Financial Services Group has launched The Consumer Finance Monitor Podcast, a weekly podcast program focused on legal developments that are of importance to the consumer finance industry. To listen and subscribe to the podcast, click here.

Lending 60

Lending Apple Google Compliance 60

Gonzobanker

MAY 8, 2015

The annual LendIt conference was held last month at Times Square in New York City and GonzoLender descended boldly on the scene to evaluate the mysterious underbelly of digital lending. The lending attack on community banks and credit unions has been waged. I’ll repeat that: one credit union and one community bank. THE PLAYERS.

Conference 60

Conference Lending Community Bank Community 60

CFPB Monitor

AUGUST 6, 2018

On July 26, 2018, the Federal Reserve Board (“ FRB “) announced the launch of the “Consumer Compliance Supervision Bulletin” (the “ Bulletin “) and simultaneously published its first issue. With this in mind, the July 2018 Bulletin focuses on a wide-range of consumer protection issues, including: Redlining.

Compliance 68

Compliance Risk Management Lending Training 68

CFPB Monitor

DECEMBER 15, 2020

Other items listed in the agenda on which the CFPB expects to take action before the end of this year and next year include: Business Lending Data (Regulation B). In March 2019, the CFPB issued an Advance Notice of Proposed Rulemaking to extend Truth in Lending Act ability-to-repay requirements to PACE transactions.

Policies 78

Policies Regulation Data Lending 78

CFPB Monitor

JULY 1, 2016

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination Procedures. There are no excuses for not following federal rules.”

Technology 87

Technology Examples Tools System 87

FICO

FEBRUARY 7, 2023

Home Blog FICO Top 5 Scores Posts of 2022: Steady FICO Score, BNPL and Alternative Data 2022 marked the first year in over a decade the average FICO Score did not increase, while the industry’s attention remained on topics such as alternative data and BNPL. million previously “unscorable” consumer files. Read the full post 2.

Data 52

Data Lending Report National 52

PYMNTS

MARCH 14, 2017

Once one gets in, their SAT score is officially useless to them; a mortgage underwriter won’t ask about it, credit card companies don’t care about it, and while we can’t be sure that no employer on Earth would make a hiring decision on the basis of it, we are fairly sure that the list of those that do is vanishingly short.

Taxes 100

Taxes Report Data Lending 100

CFPB Monitor

APRIL 28, 2022

Just a little more than a month after issuing a report taking aim at medical debt collections , the CFPB has issued a new report on “ Medical billing and collection issues described in consumer complaints.”. From 2018 to 2021, complaints about collection attempts on medical bills that were not owed increased by 31%.

Report 78

Report Policies Data Lending 78

FICO

JUNE 30, 2023

Each time this topic was brought up, it gave me a chance to reinforce what the FICO® Score is and is not designed to do. Each time this topic was brought up, it gave me a chance to reinforce what the FICO® Score is and is not designed to do. auto, mortgage, personal loan) and lifecycles (e.g., originations). originations).

San Diego 52

San Diego Analytics Trends Conference 52

PYMNTS

JUNE 15, 2016

Or, if we were back in the good old “Fiddler On The Roof” days, the concept of the multi-sided platforms weren’t a driving topic of conversation. And one of those rapidly changing topics that’s caused a lot of stir recently has been the evolution of online P2P lending marketplaces.

Lending 100

Lending Regulation Innovation Operations 100

CFPB Monitor

SEPTEMBER 11, 2018

a small-dollar lender, regarding the Bureau’s allegations that Triton had violated the Truth in Lending Act and the CFPA’s UDAAP prohibition by underdisclosing the finance charge on auto title pledges entered into with consumers.). .” The webinar registration form is available here. This was found to be an unfair practice.

Lending 68

Lending Policies Compliance Cards 68

Abrigo

APRIL 7, 2022

Takeaway 2 Topics ranged from best practices for methodology selection to bank-specific queries about peer data. For example, can you use one methodology to estimate losses for mortgages and another for auto loans? Takeaway 1 Financial institutions brought practical questions to Abrigo consultants during the CECL Kickstart webinar. .

Policies 195

Policies Data Examples Lending 195

CFPB Monitor

JUNE 15, 2020

According to the agency’s press release , the final rule is designed to increase CRA-related lending, investment and services in low- and moderate-income (“LMI”) communities where there is significant need for credit, responsible lending, and greater access to banking services. On June 22, 2020, from 12:00 p.m. to 1:00 p.m.

Community 60

Community FDIC Lending Examples 60

CFPB Monitor

JULY 29, 2019

The CFPB advises in the ANPR that at the time the ability to repay rule was adopted in January 2013, it did not believe that a 43% DTI ratio represented the outer boundary of responsible lending, and that the mortgage market at the time was still fragile as a result of the prior decade’s mortgage crisis. Background.

Compliance 60

Compliance Marketing Regulation Meeting 60

CFPB Monitor

JULY 19, 2022

July has been designated as “Military Consumer Month,” a public-private marketing initiative created by state and federal agencies and military and consumer groups designed to draw attention to financial issues impacting the military community. A recording of the hearing is available here. .

Fraud 78

Fraud National Security social media 78

CFPB Monitor

SEPTEMBER 3, 2019

These documents are categorized by state, license, and topic, including: virtual currency; correspondence to mortgage broker; lender and originator licensees; money transmission; mortgage underwriting and processing; third-party payment processing; mobile home lending; and mortgage servicing.

Tools 60

Tools Industry Online Resources 60

PYMNTS

OCTOBER 26, 2017

How much of the U.S. population is financially vulnerable? That is, how many are walking the razor’s edge of solvency, and how many are on their second chance after a shock to their financial stability — such as job loss, work-related injury or a divorce that removed an income stream? More than you’d think, said Karen Webster.

How To 122

How To Survey Lending Millennials 122

CFPB Monitor

FEBRUARY 17, 2015

The 20 th Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on April 6-7, 2015 in New York City (and by live webcast and groupcast in Cleveland, Philadelphia, Pittsburgh, Mechanicsburg, PA and New Brunswick, NJ) and on April 27-28, 2015 in Chicago.

NJ 60

NJ New York City Cleveland Philadelphia 60

CFPB Monitor

JANUARY 12, 2021

The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace. The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. The report consists of two volumes.

Report 78

Report Regulation Policies Compliance 78

Gonzobanker

JULY 28, 2014

While mortgage origination seems to be the hottest topic on the street today, GonzoLender also sees growing activity in the Consumer LOS area. While mortgage origination seems to be the hottest topic on the street today, GonzoLender also sees growing activity in the Consumer LOS area.

System 109

System Lending Data US 109

CFPB Monitor

OCTOBER 1, 2015

Director Cordray used his introductory remarks to highlight the expansion of the marketplace for consumer credit over the last year. He specifically noted increases in home mortgage lending, auto loan origination and new consumer credit card accounts, with consumer loan delinquencies falling to an eight-year low.

Lending 60

Lending Study Missouri Denver 60

CFPB Monitor

NOVEMBER 21, 2019

In the preamble to the rulemaking agenda, the Bureau states that it is testing consumer disclosures related to time-barred debt disclosures and, after testing, will assess whether to issue a supplemental proposal seeking comments on a proposal concerning such disclosures. Business lending data (Dodd-Frank Section 1071).

Regulation 78

Regulation Cards Data Leadership 78

CFPB Monitor

MAY 23, 2016

The Spring 2016 agenda also does not reflect the CFPB’s announcement that it will hold a field hearing on small dollar lending in Kansas City, Missouri on June 2, 2016. We do not expect to see a final rule until next year. Payday and deposit advance loans. The Spring 2016 agenda estimates the issuance of a final rule in July 2016.

Kansas City 84

Kansas City Lending Missouri Kansas 84

FICO

APRIL 28, 2022

BNPL loans are cited as a potential driver of greater financial inclusion, both in terms of consumer access to the BNPL loan themselves, as well as access to credit products that could enable unbanked and underbanked consumers to establish (or re-establish) their credit histories with one or more of the Consumer Reporting Agencies (CRAs). .

Report 98

Report Data Analysis Study 98

Gonzobanker

DECEMBER 14, 2023

The housing industry, and mortgage banking revenue, came to a stop. Meanwhile, technology changes continued at a breakneck pace, with generative AI the biggest topic around management tables. 80 basis point increase in deposit cost of funds – and that while total deposit balances decreased for six straight quarters. We are in awe.

Fintech 195

Fintech Community Regional Technology 195

Gonzobanker

DECEMBER 19, 2022

As expected, these rate hikes stopped the mortgage industry in its tracks. Financial institutions that relied on mortgage banking fee income as a key earnings component have been left to make big adjustments. OK, show of hands. Who saw 2022 coming and accurately predicted the headlines? All of you with your hands up… … uh huh.

Community 216

Community Fintech Industry Innovation 216