In November, we announced that we would be proposing to make some limited amendments to our new international remittance transfer rule. We also announced that we would be proposing to delay when the rule would take effect until ninety days after we finalized the amendment. Last month, we formally issued our proposal. The remittance rule [...]
Author archive: David Silberman
New rules, fewer runarounds for mortgage borrowers
When you take out a mortgage loan to buy a home, you trust the mortgage servicing industry to work. Mortgage servicers are responsible for sending you bills, processing your payments, answering your questions, and addressing any problems that may arise. When servicers fall down on the job, that can have serious consequences for consumers. People [...]
Putting the ‘service’ back in ‘mortgage servicing’
Today, we’re proposing new mortgage servicing rules. So, what’s mortgage servicing and why does it need the new rules? The short answer is that mortgage servicing is the processing of mortgage payments. That may sound simple, but as many borrowers have learned in the aftermath to the financial crisis, it can get complicated very quickly. [...]
The CARD Act Conference: What We Learned
Last month, one year after the date that many CARD Act provisions took effect, the CFPB held a conference on the credit card marketplace. Credit card issuers, credit rating agencies, academics, consumer groups, and federal agencies were all represented. Eight attendees delivered presentations providing a time series look at market changes. The CFPB has summarized [...]
The Credit CARD Act Turns One
One year ago many provisions of the Credit CARD Act took effect. To mark this occasion, the CFPB held a conference to examine what has happened in the past year in the credit card market. Here’s what we learned. First, the law has brought about some important changes for consumers. For example, a study prepared [...]