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Home | News | Government (page 5)

In Defense of the CFPB

Several consumer rights groups, legal scholars, and members of Congress submitted amicus briefs to the U.S. Court of Appeals for the D.C. Circuit in the case PHH Corporation v. CFPB, in support of the Consumer Financial Protection Bureau (CFPB). With the CFPB’s constitutionality being called into question, many groups seek the defend the Bureau against a possible restructuring by the Trump administration.

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FHFA Releases GSE Progress Report

Fannie Mae and Freddie Mac have made headway on goals set forth in the 2016 Scorecard by the Federal Housing Finance Agency, according to the FHFA's Progress Report released on Wednesday. GSE efforts to improve credit access, assist borrowers, and reduce taxpayer credit risk were all noted in the agency's report. FHFA is currently soliciting comments on the Progress Report at FHFA.gov.

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Preparing OCC for the Future

Comptroller of the Currency Thomas J. Curry touched on a few of the ways the OCC is preparing for the future during his speech at the National Community Reinvestment Coalition Conference in Washington, D.C., on Wednesday. Among the agency’s recent developments Curry mentioned were: the Office of Innovation, the Compliance and Community Affairs Department, and a supplement regarding FinTech national bank charters. The OCC is soliciting comments on the supplement through April 14.

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OCC Rates Wells Fargo, While the Bank Settles Suit

Wells Fargo announced an agreement in principal to settle a class action lawsuit, regarding claims that Wells Fargo opened accounts without the consent of its customers. This comes on the heels of the announcement of the bank's Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement."

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Credit Complaints Amplify in Latest CFPB Report

According to the latest report from the CFPB, debt collection was the most-complained-about financial product or service, with 7,755 out of approximately 26,000. The second most-complained-about consumer product was credit reporting followed by mortgages. Montana, Georgia, and Missouri experienced the greatest year-to-year complaint volume increases.

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What to Do with Fannie and Freddie

Since Fannie and Freddie were seized by regulators in 2008, a fix has been promised. As the two GSEs, which back close to 40 percent of U.S. home loans, face the threat of requiring aid, that need for a fix has become more urgent. Senators Corker and Warner are not assured that an overhaul will succeed.

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Revised Financial CHOICE Act to Come Soon

Jeb Hensarling first introduced the Financial CHOICE act last summer, in response to the 2010 Dodd-Frank act. The president’s team has already indicated support of the Financial CHOICE Act, which, among other things, would modify aspects of Dodd-Frank and help to reform the Consumer Financial Protection Bureau.

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CFPB to Re-Examine Regulation

The qualified mortgage rule, a standard set up to make sure borrowers can repay their mortgages, as well as other mortgage servicing and home lending regulations are set to come up for review. The CFPB wants to “try to see what the real-world effects on the market” these regulations have.

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