CFPB, DOJ Order Trident Mortgage Company to Pay More Than $22 Million for Deliberate Discrimination Against Minority Families

Today, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia …

Today, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-doj-order-trident-mortgage-company-to-pay-more-than-22-million-for-deliberate-discrimination-against-minority-families/

Director Chopra’s Prepared Remarks at a Joint DOJ, CFPB Press Event on the Trident Enforcement Action

Director Chopra delivered remarks on redlining at the joint press event.

Director Chopra delivered remarks on redlining at the joint press event.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/director-chopras-prepared-remarks-at-a-joint-dof-cfpb-press-event-on-the-trident-enforcement-action/

Prepared Remarks of Deputy Director Zixta Martinez at the National Association of Hispanic Real Estate Professionals Convention & Housing Policy Summit

Deputy Director Zixta Martinez’s remarks at the NAHREP’s Convention & Housing Policy Summit.

Deputy Director Zixta Martinez’s remarks at the NAHREP’s Convention & Housing Policy Summit.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-deputy-director-zixta-martinez-at-the-national-association-of-hispanic-real-estate-professionals-convention-and-housing-policy-summit/

Statement of Director Rohit Chopra on the LIBOR Transition Rule

In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the…

In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to boost their bottom line.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/statement-of-director-rohit-chopra-on-libor-transition-rule/

CFPB Issues Final Rule to Facilitate Transition from LIBOR

The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indi…

The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-final-rule-to-facilitate-transition-from-libor/

CFPB Takes Action to Prevent Avoidable Foreclosures

Today, the Consumer Financial Protection Bureau (CFPB), jointly with other government agencies, announced a return to enforcement of critical protections for families and homeowners.

Today, the Consumer Financial Protection Bureau (CFPB), jointly with other government agencies, announced a return to enforcement of critical protections for families and homeowners.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-prevent-avoidable-foreclosures/

CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Discontinuation of LIBOR

The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators today in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an …

The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators today in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate).

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-joins-other-financial-regulatory-agencies-in-issuing-statement-on-discontinuation-of-libor/

Mortgage refinance loans drove an increase in closed-end originations in 2020, new CFPB report finds

A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantial…

A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantially between 2019 and 2020.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/mortgage-refinance-loans-drove-an-increase-in-closed-end-originations-in-2020-new-cfpb-report-finds/

CFPB Report: Mortgage Servicers’ Pandemic Response Varies Significantly

The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s wi…

The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-mortgage-servicers-pandemic-response-varies-significantly/

CFPB Issues Interpretive Rule on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday

The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensi…

The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-interpretive-rule-on-certain-mortgage-and-disclosure-timing-requirements-for-the-2021-juneteenth-federal-holiday/