From: The Consumer Financial Protection Bureau
To: Scott Jenkins,
Subject: CFPB Update: April 30, 2014
Date: Wed Apr 30 17:33:46 MDT 2014
Consumer Financial

CFPB Update: April 30, 2014

CFPB Proposes Minor Changes to Mortgage Rules to Ensure Access to Credit

The CFPB recently proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. The proposal also lays out limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. Learn more... 

CFPB Report Highlights Pain Points for Consumers in Mortgage Closing Process

The CFPB recently published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. The Bureau also released guidelines for an upcoming eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process. Learn more...

CFPB Finds Private Student Loan Borrowers Face “Auto-Default” When Co-Signer Dies or Goes Bankrupt

The CFPB Student Loan Ombudsman recently released a report highlighting complaints of “auto-defaults” in private student lending. Borrowers report that some lenders demand immediate full repayment upon the death or bankruptcy of their loan co-signer, even when the loan is current and being paid on time.  Learn more…

CFPB Proposes Revision to Rule Protecting Consumers Sending Money Internationally

The CFPB recently proposed revisions to its international money transfer rule. The revisions are intended to preserve the rule’s new consumer protections while providing federally insured institutions, such as banks and credit unions, with additional time to provide exact disclosures in certain cases. Learn more…

CFPB Deputy Director Speaks at the Consumer Bankers Association

CFPB Deputy Director Steve Antonakes delivered remarks at CBA Live 2014 on April 2, 2014. Learn more…

Director Cordray’s Appearances

April 3rd: Director Cordray delivered remarks at the American Bar Association in Washington, DC.

April 4: Director Cordray delivered remarks at the Greenlining Institute’s Economic Summit.

April 7th: Director Cordray delivered remarks at the Federal Reserve Bank of Chicago on “Making Libraries Community Hubs for Financial Education."

CFPB eClosing Pilot

Later this year, the CFPB plans to launch an e-closing pilot aimed at encouraging lenders to put consumers in the driver’s seat of their closing. If you want to learn more about the pilot, or are interested in participating, click here.

The Consumer Financial Protection Bureau

1700 G Street, NW

Washington, DC 20552