Here. This is about the resolution we reported about on Thursday to block the CFPB's prepaid debit cards rule from going into effect. The resolution has now drawn the support of seven senators. Excerpt: A spokesman for Sen. Mike Lee said that the “CFPB’s prepaid card rule is overly broad” and would increase compliance costs. […]
Category Archives: Other Lending, Debt, and Credit Issues
We received the following call for papers: The Board of Governors of the Federal Reserve System is hosting a research and policy conference on Financial Innovation: Online Lending to Households and Small Businesses, to be held in Washington, DC on December 2, 2016. The purpose of the conference is to bring together academics, industry participants, […]
by Jeff Sovern A press release is here. ALTA is the American Land Title Association. I haven't read the study (I couldn't find the actual report of the study on the web site), but it reports an increase in consumers who read the mortgage disclosures from 74% to 92% since the TRID disclosures went into effect. The […]
Bankrate has the story here. Excerpt: It's one thing to see banks marketing financial products they sell, like credit cards. It's another thing altogether to see them trying to sell cars, says Elisabeth Honka, assistant professor of marketing at the UCLA Anderson School of Management. "This is the first time I'm seeing it," Honka says. […]
According to a report in HousingWire, Is TRID hysteria over? Time to close drops to 12-month low, the new TILA/RESPA closing disclosures are not delaying mortgage closings. The story explains "lenders now have this whole TRID thing figured out, as the time to close a loan fell to a 12-month low in March." The TRID […]
Here (behind paywall). Excerpt: Bankers are still grappling with vendor software problems, longer processing times and delays in mortgage closings as a result of new disclosures that went into effect four months ago, according to a new survey by the American Bankers Association. The survey, which was released Tuesday, found that banks are delaying closings […]
In a speech February 25 at the CFPB's Consumer Advisory Board meeting, CFPB Director Richard Cordray identified nine "key areas where we hope to make substantial progress over the next two years." He also noted, however, that "these goals do not capture all of the important work we are doing." The nine goals are: First, […]
Here. Excerpt: In a push for transparency since the 2008 financial crisis, regulators require banks to clearly disclose and explain the terms of just about every financial product, including credit cards and mortgages. But overdraft practices still come with hidden costs and confusing terms, bank customers, lawyers and consumer advocates say. * * * It […]
Jeffrey Davis of Florida has written Regulating for the First Time the Decision to Grant Consumer Credit: A Look at the First Steps Taken by the United States and Australia. Here is the abstract: In this Article, I discuss the changes in three consumer-credit realms. First, I compare the Australian regime applicable to all forms […]
by Jeff Sovern Here. The first paragraphs read: Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that […]