Posts Tagged ‘Consumer Financial Protection Bureau’

Two BancorpSouth mergers delayed by federal inquiries

TUPELO — BancorpSouth Inc. has extended its merger agreements with Ouachita Bancshares Corp. and Central Community Corporation. BancorpSouth, Ouachita Bancshares Corp. and Central Community Corporation have determined additional time will be required to obtain regulatory approvals and to satisfy closing conditions necessary to complete their respective mergers.  They have extended their respective merger agreements to […] [...]

Revised home-mortgage rules seen as threat to home ownership in rural Mississippi

New home mortgage lending rules that threaten to end  balloon mortgage lending in Mississippi likely will top the list of concerns the Mississippi Bankers Association will note in a reply to federal regulators who have initiated a series of  comment periods on banking regulations. The replies by Mississippi bankers and their advocacy organization, the MBA, […] [...]

State sues credit reporting firm Experian for alleged violations

JACKSON — The state of Mississippi has sued credit reporting giant Experian, alleging sweeping errors in the company’s data and routine violations of consumer protection laws. Mississippi’s action — and a previously unreported multi-state investigation of credit bureaus led by Ohio — represents a significant new legal challenge to the industry. Attorney General Jim Hood’s […] [...]

State reaches $7M settlement with Ocwen

JACKSON — Ocwen Financial Corporation of Atlanta and its subsidiary, Ocwen Loan Servicing, have agreed to a $2.1-billion joint state-federal settlement with Attorney General Jim Hood, 48 additional state attorneys general and the District of Columbia as well as the Consumer Financial Protection Bureau (CFPB). The settlement terms address servicing misconduct by Ocwen, and two […] [...]

Bursting balloons: New mortgage rules may deflate non-traditional lending

New federal mortgage lending rules soon to take effect will handcuff lenders in many rural Mississippi counties who make non-traditional mortgage loans and keep the loans on their books, bankers in the state say. The rules are yet another piece of fallout from the banking crisis of the late part of the last decade. In […] [...]

Bynum picked by Bureau

The Consumer Financial Protection Bureau (CFPB) has named Bill Bynum, CEO of HOPE (Hope Enterprise Corporation/Hope Credit Union) as vice chairman of the federal agency’s inaugural Consumer Advisory Board. Bynum will bring nearly three decades of experience in community development finance to the task of advising the agency in its efforts to help consumer finance […] [...]

Realtors, bankers, builders concerned that new regulations will dampen housing recovery

A provision of the Dodd-Frank banking reform law has non-profit housing provider Habitat for Humanity worried it could get into legal hot water making loans to high-risk borrowers. The Consumer Financial Protection Bureau, or CFPB, created by the banking reform legislation is setting rules for implementing qualified mortgage and ability-to-pay regulations. The measures are designed […] [...]

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