The Financial Stability Oversight Council (FSOC) announced that it has reversed its designation of Prudential Financial, Inc. as a systemically important financial institution (SIFI). The Council, under the leadership of Secretary Mnuchin, has now freed from Federal Reserve consolidated oversight the last of the four previously designated nonbank SIFIs.
Americans for Financial Reform Education Fund applauds the news that a court has rejected the for-profit college industry’s attempt to stop the 2016 Borrower Defense rule. Today, the United States District Court for the District of Columbia sided with students over Betsy Devos’s attempts to let abusive for profit schools rip them off with impunity.
The clearinghouse is a valuable resource that will improve the homeownership experience for Limited English Proficient (LEP) borrowers by making available all in-language resources in one centralized place, including translated loan documents, glossaries, and other educational materials. The clearinghouse will be helpful to lenders, housing counselors, attorneys, and other advocates assisting LEP borrowers.
El repositorio es un recurso valioso que mejorará el proceso de adquisición de viviendas para prestatarios con Conocimientos Limitados del Inglés (LEP, por sus siglas en inglés) al hacer disponible en un mismo sitio toda la documentación en un mismo idioma, incluyendo traducciones de documentos de préstamos, glosarios, y otros materiales educacionales. El repositorio será de utilidad para prestamistas, asesores de vivienda, abogados, y otros ayudando a prestatarios con conocimientos limitados del inglés.
The CFPB is exceeding its authority under the law that created the agency and would set a dangerous precedent with its “disclosure sandbox” policy, its label for granting companies exemptions from disclosure rules. The CFPB would allow firms to obfuscate or eliminate important information in the name of “financial innovation,” a label often applied to defend practices in mortgage lending that led to the 2008 crisis.