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How CFPB Reshapes Market with Enforcement Actions — Not Rules
While most federal financial regulators use enforcement actions as a way to shape industry practices, the Consumer Financial Protection Bureau is taking that to a whole other level, frequently using orders as a substitute for new rules or guidelines.   more »
WASHINGTON — Key Democratic lawmakers are urging the Department of Housing and Urban Development to tighten its program for selling nonperforming guaranteed loans to ensure servicers have exhausted all loss mitigation options before the loans are sold to private investors. more »
It's easier than ever for consumers to take out personal loans to pay down high-cost debt or fund big-ticket purchases, and two new studies show that they are taking full advantage of their options. more »
NEW BRIGHTON, Minn. – CU Companies on Monday said it finished 2015 with “significant growth” in its mortgage lending partnerships. more »
The Department of Housing and Urban Development is reducing the mortgage insurance premiums it charges on Federal Housing Administration multifamily loans to encourage the renovation of affordable housing units and promote energy-efficient upgrades. more »
If you're like a lot of credit union and bank executives out there, you're probably not so sure—and even the financial regulators don't all agree on how it should be done. more »
In one corner, the major CU trade groups and the Community Home Lenders Association, who are hoping the administration will further cut premiums after a reduction a year ago. On the other are MBA and ICBA, which argue a cut now would be too soon. more »
The numbers credit unions posted for loan and membership growth last year will be tough to beat, particularly given the economic challenges that have already sent the stock market plummeting. more »
The agency scrapped a part of its 2014 proposal that would have required Home Loan Bank members to maintain a certain percentage of residential mortgage assets in order to keep their membership. But the agency held fast on a provision that would disqualify captive insurance firms from membership. more »
Some lenders have asked whether the bureau would adjust its so-called resubmission guidelines — which determine whether lenders have to refile data based on errors found in samples — and it has responded with a request for further industry input. more »
Loan portfolio growth jumps 10.7% in 12 months ending in 3rd quarter of last year – vs. 6.6% increase at commercial banks in same time span. more »
The Seattle-based tech giant, in its latest foray into the financial services business, has begun offering installment loans to British consumers. more »
Filene Research Institute said it has entered into a new collaboration with QCash Financial to pilot a program designed to provide a low-cost alternative to payday loans. more »
Pelican Asks: What's Your Story?
Pelican State CU asks members to share why they belong to the credit union, and one key theme emerges: helping a member during a specific time of need is what keeps them coming back through the door.