Consumer articles

Decisions, Decisions

Decisions, Decisions

While creating new opportunities, the Consumer Financial Protection Bureau’s new mortgage lending standards will likely require more focus, adjustments and quick work By Howard Schneider The Consumer Financial Protection Bureau earlier this year issued an array of final landmark rules for residential mortgage lenders. New standards for loan underwriting and servicing will require community banks […]

Rules on Lender Pay

What’s new in CFPB loan originator compensation regulations for mortgage lending The Consumer Financial Protection Bureau released a series of six major new regulations in January that will significantly influence residential mortgage lending operations of all institutions, including community banks. The regulations released cover ability to repay/qualified mortgage (QM) standards; appraisals for higher-priced mortgage loans; […]

Signs of the Times

A compliance checkup for required signage and public notice requirements By Mary Thorson It’s a “sign” of compliance. Financial institutions are buried under disclosure requirements, but no disclosures are more conspicuous than those required to be posted for public scrutiny. Public signage and notice requirements run the gamut from those making loan and deposit stipulations […]

Mixed and Matched

Sorting out which regulations apply to particular consumer overdraft protection programs By Mary Thorson Check bounce programs, cash sweep programs and payment lines of credit—each brings a different set of regulatory requirements, policies, procedures and practices.

Defining Future Mortgages

While including measures benefiting community banks, the CFPB’s ability-to-repay rules are a major step in defining the future of home finance By Elizabeth Eurgubian and Ron Haynie Community banks gained significant accommodations in the Consumer Financial Protection Bureau’s ability-to-repay qualified mortgage rule issued in January, the first of several mortgage rules that will determine the […]

Grievances and Grumblings

Effectively managing consumer complaints as an elevated compliance requirement By Mary Thorson Customer complaints—and customer compliments—have always been valuable sources of feedback, allowing businesses to improve their products and service. With the Consumer Financial Protection Bureau’s emphasis on ensuring that financial service providers respond swiftly and fairly to customer complaints, complaint management has become a […]