Tag Archives: Consumer Financial Protection Bureau

Observing Overdrafts

Observing Overdrafts

CFPB study highlights differences in how banks administer overdraft protection programs By Viveca Y. Ware The Consumer Financial Protection Bureau’s highly anticipated June 2012 report on overdraft programs confirms what ICBA has been explaining for over a year: While there is universal value in offering consumers such programs, how those programs are administered varies greatly

Flee or Stay?

CFPB requirements spark reassessments of the viability of remittance-transfer services By Cary Whaley After more than two years of regulatory activity, punctuated by three sets of proposed and final rules, October is decision time for community banks. That is when the Regulation E Remittance Transfer Rule goes into effect. And that’s when banks that exceed

Regulatory Possibility

“The rule is, jam tomorrow and jam yesterday—but never jam today.” ―Lewis Carroll, “Alice’s Adventure in Wonderland” Did you hear about the Maryland community bank recently accused of discriminating against white males? The bank was given a fair lending violation for creating a loan program designed to help minorities and women obtain more affordable credit.

Backroom Ready

Upcoming CFPB mortgage regulatory deadlines prompt quick technology planning and adjustments By Elizabeth Judd The hefty series of mortgage lending regulations issued by the Consumer Financial Protection Bureau is presenting some daunting challenges for community banks rushing to meet upcoming January compliance deadlines. Not to be overlooked, however, are the technological changes the regulations are

Tuning the Mortgage Machinery

The CFPB makes progress adjusting its ‘qualified mortgage’ standard, but there’s more work to do By Karen Thomas It took nearly five months, but the Consumer Financial Protection Bureau has finished some important details for community banks in its final rule establishing ability-to-repay requirements for mortgage loans. Last month, the CFPB announced new amendments to

Managing Your Vendors

Agencies offer new guidance on—and take a second look at—how banks oversee third-party providers By Mary Thorson Spiraling technical requirements, exponential growth of regulatory complexity and the necessity for automation to meet monitoring and processing needs have brought community banks to the doors of third-party vendors that once were thought only to be suitable for

At Your Service

Covering the CFPB’s new mortgage servicing standards The Consumer Financial Protection Bureau released final rules establishing new national mortgage servicing standards. Taking effect in January 2014, the rules amend the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X). Here, Ron Haynie, ICBA’s senior vice president, mortgage finance policy,

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