The Consumer Financial Protection Bureau yesterday released the Spanish version of “Your Home Loan Toolkit,” intended to help consumers understand the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in October.
Fair lending today calls for robust compliance management systems that track all products, customer interactions, and variations in pricing or policy—and that foster corrective action when needed.
The Texas Bankers Association today filed a request under the Freedom of Information Act with the Consumer Financial Protection Bureau seeking any information it received from three large core processors about bank overdraft data.
One-third of financial institutions report that their examiners have pressured them to start or expand stress testing.
One-third of depository institutions have reported receiving pressure by their examiners to conduct stress tests on their portfolios or to expand ongoing stress testing, according to a recent survey by financial service provider Sageworks.
The Defense Department today issued a final rule tightening restrictions on lending to service members. The rule expands the restrictions in the Military Lending Act — which principally targeted tax refund anticipation loans, payday loans and car title loans — to cover credit cards, lines of credit, installment loans and deposit advances offered to service members.
As formally proposed, the Consumer Financial Protection Bureau today finalized Oct. 3 as the new effective date for the TILA-RESPA integrated disclosures.
Today is the effective date of the Volcker Rule. Banks must have their compliance programs in place, and examiners will be reviewing banks’ compliance with the Volcker restrictions on proprietary trading and covered fund investments.
Growing regulatory compliance burdens have led nearly half of banks to reduce their offerings of financial products and services, according to ABA’s biannual Survey of Bank Chief Compliance Officers released today.
The CFPB today issued the first in a series of new monthly reports on consumer complaints. The report covers complaint volume by product, state and company, and this first report includes a product spotlight on debt collection and a special geographically focused section on complaints in Milwaukee, where the CFPB held a recent field hearing.