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CFPB Announces New Leadership Positions
Today, the CFPB announced four individuals to serve in new leadership roles at the Bureau: Cheryl Parker Rose will serve as Assistant Director for the Office of Intergovernmental Affairs, which is responsible for coordinating the CFPB’s work with other federal and state regulators, including state...
InfoBytesCFPB Deputy Enforcement Director Discusses Enforcement Priorities
On August 22, C. Hunter Wiggins, the CFPB’s Deputy Enforcement Director for Policy and Strategy, spoke to the D.C. Bar Antitrust and Consumer Law Section at a session titled “The Consumer Financial Protection Bureau’s Enforcement Priorities.” A summary of his remarks and responses to certain...
InfoBytesCFPB Announces Suit Against Debt Settlement Firm
On August 20, the CFPB announced an enforcement action against a debt settlement company for violations of the Telemarketing Sales Rule and the Dodd-Frank Act. The complaint alleges that the company disguised illegal upfront fees charged for debt-relief services as bankruptcy-related charges and...
InfoBytesFHFA Plans Enhanced Oversight of Mortgage Servicing Transfers
On August 22, the FHFA Office of Inspector General (OIG) issued a report on its review of the FHFA’s oversight of Fannie Mae’s January 2013 representation and warranty settlement with a mortgage originator and the FHFA’s related approval of the sale of certain of the originator’s mortgage servicing...
InfoBytesFDIC to Consider QRM Proposal Next Week
This week, the FDIC released the agenda for an August 28, 2013 Board Meeting at which the Board will consider the re-proposal of a rule to implement the credit risk retention requirements of the Dodd-Frank Act, including provisions regarding “qualified residential mortgages” or QRMs. The FDIC and...
InfoBytesSenator Warren Presses DOJ on National Mortgage Servicing Settlement FHA-Related Releases
On August 21, Senator Elizabeth Warren (D-MA) sent a letter to Attorney General Eric Holder raising concerns about the provisions of the National Mortgage Settlement that relate to the government’s release of potential FHA-related False Claims Act-based claims against the settling servicers...
InfoBytesFannie Mae, Freddie Mac Update Selling Policies Based on CFPB QM Rule
On August 20, Fannie Mae issued Announcement SEL-2013-06 and Freddie Mac published Bulletin 2013-16 , both of which update numerous selling requirements in response to the CFPB’s final Ability-to-Repay/Qualified Mortgage (ATR/QM) rule. As promised in their July 2013 notices to sellers , the...
InfoBytesFreddie Mac Updates SCRA Servicing Requirements
On August 15, Freddie Mac issued Bulletin 2013-05 , which, among other things, revises requirements relating to the SCRA and similar state laws and explains servicer responsibilities to effectively implement military relief legal protections. Specifically, Freddie Mac eliminated the requirement...
InfoBytesHUD Issues Three Mortgagee Letters
On August 15, HUD issued three mortgagee letters to announce various changes related to the origination of FHA-insured mortgage loans. Effective for case numbers assigned on or after October 15, 2013, Mortgagee Letter 2013-24 (i) sets forth documentation requirements for conducting credit analysis...
InfoBytesFederal Reserve Board Paper Reviews Large Bank Capital Planning
On August 19, the Federal Reserve Board released a paper that details its expectations for internal capital planning at large bank holding companies and describes the range of practices the Board has observed during the stress test exercises conducted to date. The Federal Reserve conducts the...
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