WASHINGTON (Reuters) – U.S. and state regulators ordered Wells Fargo (WFC.N) and JPMorgan Chase (JPM.N) to collectively pay $35.7 million on Thursday to settle charges that they participated in an… Read More »
Adopt a compliance management system. If you are a frequent reader of our blog, you know that we have emphasized that message over and over and over again. Today, we… Read More »
That summarizes the mortgage industry’s consensus response to the new “Rate Checker” tool the Consumer Financial Protection Bureau (CFPB) announced recently as part of an “Owning a Home Toolkit” designed… Read More »
Congress acted quickly as its new session began to approve a six-year extension of the Terrorism Risk Insurance Act (TRIA). Authorizing legislation for the federal program had expired at the… Read More »
The year began with a strong jolt of positive news: Employers added 252,000 jobs in December, beating estimates, and the unemployment rate declined to 5.6 percent, its lowest level since… Read More »
You don’t often see “pro-consumer” linked to a U.S. Supreme Court decision these days, but that’s an apt description of the court’s unanimous ruling on the right of borrowers to… Read More »
Federal regulatory agencies regularly interpret their regulations through guidance, letters, and memoranda explaining how the rules will be applied. But just how much interpreting and re-interpreting of those rules are… Read More »
President Barack Obama announced that the Federal Housing Administration will cut fees on the mortgages it insures in order to make buying a home less expensive. The annual premium charged… Read More »
December 17, 2014: CFPB sued a Texas-based company, Union Workers Credit Services, for deceiving consumers into paying fees to sign up for sham credit cards. The Bureau alleged that the… Read More »
November 13, 2014: CFPB ordered a California mortgage lender, Franklin Loan Corporation to pay $730,000 in compensation to affected consumers who were purportedly steered towards higher interest loans by 32… Read More »