Monthly Archives: July 2014

Community Bankers Propose Additional QM Status

Last week, the Independent Community Bankers of America (“ICBA”) penned a letter to Director Cordray of the Consumer Financial Protection Bureau (“CFPB”) asking it to expand small creditor exemptions.  Specifically, the ICBA asked the CFPB to “revise the current ability-to-repay/qualified mortgage (QM) rules and escrow requirements for higher-priced mortgage loans to allow community bank loans […]

CFPB Offers More Insight on “Abusive” Standard

In its most recent settlement of an enforcement action alleging unfair, deceptive, and abusive practices, the Consumer Financial Protection Bureau (“CFPB”) offered additional insight into what constitutes “abusive” practices. The Consent Order relates to the debt collection attempts of payday lender ACE Cash Express, which were alleged to include excessive telephone calls, disclosing the existence […]