CFPB fines Santander Consumer $4.7M for fair-lending violations
The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies.
Regulation and compliance
CFPB orders Discover to pay $35 million for student lending mishaps
The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.
Seterus agrees to pay $5M in distressed servicing settlement with CFPB
The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018.
FHFA proposes formal liquidity rules for GSEs
The proposal builds on guidance the agency gave to Fannie Mae and Freddie Mac earlier this year.
CFPB finalizes overhaul of mortgage underwriting rules
The consumer bureau's revamp of criteria for "qualified mortgages," a special regulatory class of loans free from liability, emphasizes pricing instead of a borrower's debt-to-income ratio.
A Biden CFPB could put pressure on mortgage servicers
The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.
Mr. Cooper, U.S. Bank & PNC settle claims regarding bankrupt borrowers
The three companies agreed to pay a total of $74 million in remediation.
Mr. Cooper, two other servicers settle past claims with government
On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.
Weekly Wrap: SF volume down 24% from 2019 pace after slow November
Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3
By
Glen Fest
Marzol, deputy to FHFA director, plans to retire
Adolfo Marzol came to the agency after a stint at HUD and a 30-year career in the mortgage industry. He will depart on Dec. 18.
Extension of Fed facility could spur more PPP loan sales
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.
Why is Fannie Mae abandoning a practice that shields it from risk?
Fannie hasn't completed any credit risk transfers to private investors since the second quarter. Some experts worry the decision — likely spurred by the company’s concerns about a recent capital regulation — could put the mortgage giant on unsteady footing.
Fed asking why banks aren’t lending more
Vice Chairman of Supervision Randal Quarles said the agency wants to figure out why banks are holding on to capital that could be used more aggressively to respond to the pandemic.
CFPB gives go-ahead to firms seeking advisory opinions
The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.
CFPB sets stage for long fight on data-sharing rule
As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.
What Sheila Bair brings to table as chair of Fannie Mae
The former FDIC chief oversaw the resolution of hundreds of failed banks during the financial crisis and knows how to build relationships with regulators. Those skills could be crucial in helping Fannie exit federal control.
With Biden declared winner, what’s next for banks?
With a Democrat set to take the White House in January, the agenda for agencies like the CFPB could undergo a rapid transformation, housing finance reform could be turned on its head and progressive banking ideas that were unthinkable over the past four years could gain traction.
Likely defeat of California’s Prop. 21 a win for commercial lenders
The ballot measure, which would allow local jurisdictions to expand rent control, had concerned mortgage companies who worried the law would result in a patchwork of different policies that could complicate underwriting and discourage lending.
What delayed election outcome means for banks
If days go by without a clear result, the uncertainty could lead to market volatility, put off talks for a stimulus plan and complicate bankers' planning for a potentially new regulatory environment.
Fannie Mae and Freddie Mac exceeded most 2019 housing goals
But both fell short under the Duty to Serve goals in rural housing.
Load More
Couldn’t load more articles. Try again.