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New CBA Chair Urges Fair Treatment of Student Loans
Tim Wennes began a one-year term as chairman of the Consumer Bankers Association this week. In an interview with American Banker, he spoke about the need for an open dialogue with the CFPB and made clear the association is prepared to fight regulatory initiatives in areas such as private student loans.
MARKET-BASED CASE: Some regulations may "take away some of the choices for consumers," whether in small-dollar credits or private student loans, said Tim Wennes of MUFG Union Bank, who is the incoming chairman of the Consumer Bankers Association.
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"Compliance applies to everything," said Tom Wind, EverBank's executive vice president of home lending. "There's a whole different mindset you need to manage the business."
Automakers routinely track and measure the failure rates of everything from a car's brakes to air bags to power steering. Now banks and lenders are being forced to think much the same way about mortgages. more »
In an article published by Education & The Workforce Committee, Rep. Virginia Foxx, R-N.C., argues that the nation needs to move closer to addressing soaring student loan debt and the overall cost of higher education. more »
Credit reports are "too important in determining access to a wide array of opportunities for these reports to contain inaccurate and incomplete information," Waters said.
Rep. Maxine Waters, D-Calif., plans to introduce the Fair Credit Reporting Improvement Act of 2014 on Wednesday, a measure to overhaul the 44-year-old law governing how lenders report consumer payments to credit bureaus. more »
Auto loan delinquency rates rose more than 9% in the second quarter ended June 30 versus the same period last year while auto loan debts rose for the 13th straight quarter, according to TransUnion. more »
The Federal Reserve Board and the Consumer Financial Protection Bureau on Tuesday announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. more »
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Home Depot Inc. confirmed that hackers infiltrated its computer systems at stores in the U.S. and Canada. more »
U.S. bankruptcy filings totaled 75,170 in August, down 16% from 88,962 in August 2013. It's the largest year-to-year drop so far in 2014, according to data from Epiq Systems Inc. more »
The income gap between wealthy and average consumers in the U.S. is growing while overall debt held by consumers dropped, according to the Federal Reserve's September survey on consumer finances. more »
While the average debt among Canadians increased when compared to the same quarter last year, the national delinquency rate reached its lowest level since 2008. more »
A record number of consumers took out loans to buy cars in the second quarter, fueled by people purchasing used vehicles, according to data from Experian Plc. more »
To this day, servicers are still stunned by a speech given several months ago by Deputy CFPB Director Steven Antonakes in which he declared that "business as usual has ended in mortgage servicing."
A bulletin from the Consumer Financial Protection Bureau outlining new policies for mortgage servicing transfers has the industry on alert for another possible round of rulemaking coming down the pike. more »
Consumers indicated in August that they are more optimistic about the state of the economy even as they show concerns about the prospects for wage growth, according to the The Conference Board. more »

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