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The Community Home Lenders Association sent a letter to the Consumer Financial Protection Bureau Director Rohit Chopra stating that smaller and mid-sized mortgage bankers should be governed on assets, volume size and the extent of state oversight.
The filing by Tamara Richards also accused the founder and other execs of encouraging a "frat house" environment that mistreated women.
The online lender was not a party to the lawsuit involving the Federal Trade Commission and a payday lender, but it could emerge as one of the big winners from the Supreme Court’s decision.
The Michigan lender agreed in 2012 to pay $133 million to resolve civil fraud charges tied to government-backed mortgages. But the deal with the Justice Department came with a catch that eventually allowed Flagstar to pay far less.
With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.
The enforcement action, which concerned deficiencies in the auto lender’s compliance risk management program, was the last remaining regulatory matter Santander had to resolve.
Now that Democrats have won control of the Senate following the Georgia runoffs, experts say tax increases, progressive regulators and stricter congressional oversight await. Still, there could be some positives for banks, too.
The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.
The end date for the Paycheck Protection Program Loan Facility was moved from Dec. 31 to March 31, giving lenders more time to line up the liquidity needed to buy and sell portfolios.
Former Commodity Futures Trading Commission Chairman Gary Gensler and KeyBank NA executive Don Graves have been tapped to examine financial regulators as part of Joe Biden’s presidential transition, according to a person familiar with the matter.
Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.
Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.
The company has now filed three lawsuits in its bid to recoup nearly $900 million it inadvertently sent to the cosmetic company's creditors.
Under the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.
A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic.
The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.
The agencies produced an application process that includes favorable interpretation of qualifying expenses.
The group that worked with the Fed to devise an alternative rate to Libor rejects criticism that the index favors megabanks.
The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.
Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.
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