The Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a former Wells Fargo loan officer whom the CFPB says was “engaged in an illegal scheme to manipulate escrow fees charged to consumers in mortgage-loan transactions” in violation of RESPA. See the details here.
Frequently, critics of the Consumer Financial Protection Bureau have lambasted the bureau for being a “runaway agency” that “continually oversteps its bounds.” However, a recently released public draft of a report states that these criticisms are in contrast with the bureau’s enforcement record. See why the author says that the bureau actually has been employing restraint.
The Consumer Financial Protection Bureau recently announced that it has published new versions of the TILA-RESPA Integrated Disclosure rule’s Loan Estimate and Closing Disclosure on its website. The updated versions now are annotated with the sections of chapter 2 (Part B) of TILA that the CFPB says were “referenced in the Integrated Mortgage Disclosure final rule.” See the details here.
If you’re a regular reader of RESPA News, or even just pick up our publication on occasion, you take compliance seriously. Yet, with all of your compliance focus and efforts to make sure your company is on the up-and-up, are your lessons getting through to your sales force? This was a topic of conversation at this year’s RESPRO conference. See what the experts had to say here.
Following the recent oral arguments in the D.C. Circuit Court of Appeals for the PHH Corp. v. Consumer Financial Protection Bureau case, many in the industry are hopeful that the court will decide in PHH’s favor. The decision is not likely to come out for a while, but even then, the case is likely far from over. See why here.
The House Appropriations Committee released its fiscal year 2017 spending bill for financial services. Included in the bill are provisions that would reform the Consumer Financial Protection Bureau in several ways. See the details of the bill here.
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