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Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings

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first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Credit Unions Regulatory Burden Regulatory Oversight Servicers Navigate the Post-Pandemic World 2 days ago CFPB Credit Unions Regulatory Burden Regulatory Oversight 2016-03-15 Brian Honea March 15, 2016 1,385 Views Share Save  Print This Post Demand Propels Home Prices Upward 2 days ago A bipartisan group of 329 members of the U.S. House of Representatives wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the director to use the CFPB’s authority granted by the Dodd-Frank Act to exempt credit unions from certain regulations set forth by the Bureau.The relationship between the regulator for credit unions, the Credit Union National Association (CUNA), and the CFPB has been a rocky one since the Bureau’s formation nearly five years ago, with CUNA claiming that credit unions should not fall under the CFPB’s oversight because they did not play a role in the 2008 financial crisis. Cordray may have fanned the flames in February when he defended the Bureau’s oversight of credit unions and several of the Bureau’s mortgage-related regulatory changes, namely the Qualified Mortgage rule and the new servicing rules, in a public speech at CUNA.Reps. Adam Schiff (D-California) and Steve Stivers (R-Ohio) led the bipartisan group of House members in writing the letter, which praised credit unions and community banks for the “safe and sound” lending opportunities they provide for their customers. The lawmakers also noted in their letter that the CFPB routinely does not distinguish credit unions and community banks from the largest lenders for which their regulations were intended.The CFPB “may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit,” according to the letter.“(The CFPB) may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit.”The letter cited a recent report by the Government Accountability Office on the regulatory impact of some of the provisions set forth by Dodd-Frank, and “the study found that there are a number of cases where financial services have been limited or discontinued by community-based financial institutions due to new requirements.”The lawmakers pointed out that Section 1022(b)(3)(a) of the Dodd-Frank Act gives the CFPB authority to exempt “any class” of entity from its rulemakings and regulations.“As you undertake rulemakings, we urge you to consider the benefits credit unions and community banks provide and ensure that regulations do not have the unintended consequence of limiting services or increasing costs for credit union members or community bank customers,” the House members wrote.The National Association of Federal Credit Unions (NAFCU) praised the lawmakers’ efforts.“We thank Representatives Schiff and Stivers for their leadership on this issue, as well as all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today’s credit unions,” NAFCU Vice President of Legislative Affairs Brad Thaler said.Click here to view the entire letter. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: What is Keeping Consumer Credit Default Rates Low? Next: The Pros and the Cons of Closing with TRID The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Related Articles Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

The Week Ahead: A Look at Delinquency Rates

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first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: A Look at Delinquency Rates  Print This Post in Daily Dose, Featured, Headlines Previous: Innovating Title Operations for the Future Next: Senator Calls for Action on Zombie Properties About Author: Kristina Brewer 2018-08-12 Kristina Brewer Data Provider Black Knight to Acquire Top of Mind 2 days ago Serious delinquencies in Texas and Florida increased significantly, according to the Loan Performance Insights report released by CoreLogic in July. The report, which looks at foreclosure and delinquency activity, will be updated again this week covering the month of May on Tuesday, 9 a.m. ET.For April, the report found that the percent of loans 90 days or more delinquent or in foreclosure in these Hurricane-affected states more than doubled, compared with where they were in the Fall of 2017 when the hurricanes struck. The 90-day-plus delinquent or in-foreclosure rate had also quadrupled in Puerto Rico.At a national level, however, the share of home loans transitioning from current to 30 days past due was the lowest for April since 2000. CoreLogic said that early-stage delinquencies were declined to 1.8 percent in compared with 2.2 percent last year. The April report revealed that the foreclosure inventory rate was 0.6 percent, down a percentage point from 0.7 percent in April 2017. This compares with the lowest level of foreclosure inventory in June 2007.The report will be covering statistics from May 2018.Here’s what else you can expect in The Week Ahead:NAHB Housing Market Index, Wednesday, 10 a.m. ETMetrostudy Housing Webcast – 3Q18, Wednesday, 2 p.m. ETHousing Starts Survey, Thursday, 8.30 a.m. ETFed Balance Sheet, Thursday, 4.30 p.m. ETFreddie Mac Primary Mortgage Market Survey, Thursday, 9 a.m. ETValueInsured Summer 2018 Modern Homebuyer Survey Sign up for DS News Daily Subscribe Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. August 12, 2018 1,519 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / The Week Ahead: A Look at Delinquency Rates Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share 1Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articleslast_img read more

Gangs force sex trade on underage girls

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first_imgAuckland Now 12 Sep 2012Underage Maori and Pacific Island sex workers are caught up in illegal prostitution in Auckland, the head of a prostitute support service says.Debbie Baker, from Streetreach, which encourages women to leave prostitution, told Police News that 14 to 16-year-old girls were being pushed into prostitution by gangs to pay off debts.They were so scared of the gangs they would never admit the connection to police, she said.Baker gave examples of one girl who was forced to have sex at Black Power pads around the country to pay off drug debts, and another who was taken from Tauranga to Auckland to work in a brothel.The girl was locked in a room and Baker said she never saw any of the money for the whole time she worked there.It was very difficult for police to uncover the gang’s influence because girls were too scared to acknowledge it.“This fear is often far stronger than the fear they feel for police or other government agencies, as they are often threatened or stood-over, making it even harder for Police and other authorities to prove what’s going on,” Baker said.Acting area commander for Manurewa Inspector Richard Wilkie said police in South Auckland were doing all they could to address the problem of underage prostitution.There were regular stings of popular hangouts like Northcrest and Hunter’s Corner and as a result he said they were picking up fewer people than in previous months.Wilkie said police intelligence suggested gangs were the main force behind the illegal trade.http://www.stuff.co.nz/auckland/local-news/7654574/Gangs-force-sex-trade-on-underage-girlslast_img read more

Accused Chinese Mar-a-Lago Intruder Wants to Represent Herself at Trial

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first_imgA Chinese woman charged with illegally entering President Donald Trump’s Mar-a-Lago resort wants to represent herself in court.This morning a federal judge is set to rule on whether Yujing Zhang can fire her public defenders and represent herself. Zhang has pleaded not guilty to charges of trespassing at Mar-a-Lago and lying to Secret Service agents. Agents arrested the 33-year-old in March 2019 after they say she lied her way past several security checkpoints and onto Mar-a-Lago property. She later told the club’s receptionist she was there to attended a United Nations Chinese American Association event; an event which did not exist.Once detained, agents say they found Zhang carrying four cellphones, an external hard drive and a thumb drive with computer malware; prosecutors later said when the thumb drive was tested a second time the malware could not be detected.In her hotel room, investigators say they also found $8,000 in cash, nine USB drives, five SIM cards and a device that could possibly be used to detect hidden cameras.Last week, the assistant federal public defender wrote in court documents that Zhang would not meet with a psychologist but has appeared mentally competent in interviews with her attorneys.If convicted, Zhang faces up to five years in prison.Her hearing is scheduled for 10 a.m. Tuesday at the federal courthouse in Fort Lauderdale.last_img read more