1. Wells Fargo announced that it would continue dealer-reserve pricing in its indirect automobile lending operation. Such an approach is a ready-made fair lending red flag that has been in regulator’s cross hairs for some time. Our staff has reviewed indirect lending programs at a variety of institutions and analyzed interest rate overages to ensure.
Recent Compliance Issues: 1/24/14 – 2/6/14
1) The Consumer Financial Protection Bureau (CFPB) recently issued a report highlighting problems such as unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. Mortgage servicing practices that harm consumers are a key priority and the CFPB is ready to take action. These issues come about under.
Recent Compliance Issues: 12/27/13 – 1/9/14
On Monday, Jan. 6, the CFPB, in response to the mortgage rules that took effect Jan. 10, developed a “fact vs. fiction guide” regarding the new Ability-to-Repay (ATR) and Qualified Mortgage (QM) standards. This document is intended to aid institutions with interpreting the rules and helping to dispel some of the most common misconceptions about.
Recent Compliance Issues: 1/10/14 – 1/23/14
Effective January 18, 2014, new appraisal rules kick in under Regulation B (Equal Credit Opportunity Act) requiring creditors to notify loan applicants of the availability, and automatically provide copies, of any appraisal done as part of the underwriting process. These include any internal valuation assessments or the results from on-line automated valuation models (AVM). Are.
Current Hot Topics in Consumer Regulatory Compliance
As we enter 2014, the following are some areas of Consumer Regulatory Compliance that are receiving particular focus from the Federal and state regulators.