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Pentagon Issues Military Lending Proposal
The U.S. Department of Defense has issued a proposal that would expand the types of credit products that are covered by the 36% rate cap and other military-specific protections under the Military Lending Act.
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Bloomberg News
"Fifty billion dollars [in assets] was a demarcation at the time" but "it doesn't necessarily mean you're engaged in that activity that" a rule is "trying to target," Curry said.
WASHINGTON — Congress should revisit the $50 billion-asset test used to subject larger banks to enhanced regulations and allow supervisors to look beyond an institution's size to assess its riskiness, Comptroller of the Currency Thomas Curry said Monday. more »
"I believe controls have been put in place on both sides," for lenders and consumers to ensure increasing access to mortgage credit is done responsibly, said HUD Secretary Julian Castro.
In theory, lenders are generally receptive to regulators' calls for broader consumer access to credit, but they're also concerned about the increased risk it might entail. more »
Rental applicants, especially those applying for less expensive units, are seeing improvements in their credit risk, according to TransUnion. more »
ONE ON ONE: The GSEs will study the costs and benefits of VantageScore 3.0 and FICO Score 9, and it is "our hope that they'd incorporate both models," VantageScore Solutions CEO Barrett Burns said. A FICO spokesman expressed confidence that the GSEs will continue to rely on FICO scores.
The government-sponsored mortgage giants, facing pressure to end their reliance on old credit-scoring models from Fair Isaac Corp., are working with their regulator to study newer alternatives. more »
Consumer default rates rose slightly in August, reversing a downward trend, according to the latest S&P/Experian Consumer Credit Default Indices. more »
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.
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. more »
"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 »
Bloomberg News
Home Depot Inc. confirmed that hackers infiltrated its computer systems at stores in the U.S. and Canada. more »

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