Compliance & Regulation

The Consumer Financial Protection Bureau is about to take another step forward in its efforts to write a series of rules to define "larger participants" in specific markets, including those in the consumer credit reporting business.

Following an undercover investigation that found "disturbing evidence" of discrimination in the management of real estate owned properties in communities of color by a number of undisclosed banks the National Fair Housing Alliance has filed a federal housing discrimination complaint against Wells Fargo & Co. and Wells Fargo Bank, N.A.

Over the last 10 years, $23.7-billion State Employees' Credit Union in Raleigh, N.C. has not had a single mortgage handed back to it by an investor due to poor underwriting.

Through the first three quarters of 2011 The Golden 1 Credit Union in Sacramento, Calif. had by far the most mortgage originations of any CU in California and it is actively advertising for more.

Mortgage originations today contain many of the same risk characteristics as found in years past, but Teresa Halleck said there is one important difference.

Even though third-party due diligence has always been performed on whole loans, the providers of these services have more skin-in-the-game now that rating agencies have very stringent requirements.

The current vice president of the Hells Angels' Sonoma (CA) Chapter has to serve a year in jail and pay $130,000 in restitution to SunTrust Mortgage for his role in a mortgage fraud scheme.

Massachusetts' new "Right to Cure Your Mortgage Default" notice has been voluntary, but starting next month it becomes mandatory.

After having gone through an enormous disruption characterized by unexpected deterioration and massive losses, investors in residential mortgage-backed securities have a number of reasons to feel unsettled.

This week the Consumer Financial Protection Bureau released correspondence clarifying (or rather correcting) the Federal Reserve Board's interpretation of the LO comp rules. In previous conference calls, various Federal Reserve employees stated that the LO comp rules prohibited profit of loans from having direct impact whatsoever on an LO's compensation.