Compliance & Regulation

While Rocket reaches near $1 per share, Fannie Mae and Freddie Mac are seeing declines as their planned exit of conservatorship remains tied to the presidential race.

Staying in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act has been a difficult task for lenders while employees work from home for months on end.

But both fell short under the Duty to Serve goals in rural housing.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law.

The scheme targeted distressed homeowners in the Filipino community, most of whom were nonnative English speakers, forcing some of them into bankruptcy and homelessness, according to law enforcement officials.

The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems.

The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.

The final consent order contained the largest penalty, for $1.8 million to be paid by Low VA Rates. In total, the CFPB has issued $4.4 million in fines for such marketing of VA loans.