WASHINGTON — The Consumer Financial Protection Bureau finalized a contentious policy Thursday allowing customers to describe their banking experiences more fully on the agency's complaint portal.
"The bureau posted an incomplete and imprecise rate checker to help consumers when it's not accurate," said Rep. Stephen Fincher, R-Tenn., during a recent hearing with CFPB Director Richard Cordray.
Lending groups are demanding the Consumer Financial Protection Bureau take down its mortgage rate calculator, arguing it is providing misleading information to consumers.

"We've been just pulling our hair out," getting ready for HUD's new reverse mortgage rules, said Maverick Funding Corp.'s Cecilia Delgado.
The recent delay of new HECM rules is a reprieve for lenders scrambling to implement training and systems updates ahead of the original deadline. But it's also prompted questions about a key technology used by the reverse mortgage industry.

"If you're going to be the partner with your clients, you really need to be strong in residential mortgages," said E.J. Burke, co-president of Key Community Bank said.
The Cleveland company has been getting back into full-scale residential lending as part of a broader strategy to deepen client relationships. The market's shift toward purchase activity and defined mortgage rules also played a role.

The concept that lenders need to have systems in place to affirmatively detect and redress problems before consumers are affected is very real and lenders should ensure their systems are up to the task.

"The IG thinks that we're not following GAAP. We were taking the more conservative approach in our belief," said John Getchis, Ginnie Mae's senior vice president of capital markets.
An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.
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