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California Moving Forward With State-Level CFPB

first_img  Print This Post Subscribe Sign up for DS News Daily About Author: Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago California Moving Forward With State-Level CFPB Previous: Fannie Mae Economist: When Will Economy Bounce Back? Next: ‘Clouds on the Horizon’ for Mortgage Delinquencies The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / California Moving Forward With State-Level CFPB Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. California legislators are pushing for the formation of a new watchdog agency to protect consumers from bad loans by “predatory lenders.” California Assembly member Monique Limón told National Public Radio (NPR) that since the COVID outbreak, consumer complaints about financial wrongdoing in her state are up 40 percent.  A number of those complaints, she said, are directed at mortgage companies, as well as personal lenders, and even some companies promising to help people get out of debt. Along with Gov. Gavin Newsom, Limón aims to create the Californian watchdog agency, which would be called the Department of Financial Protection and Innovation. They hope it would lead the way for other states to create similar protections, they said. But a legislative deadline means they need to do it by August 31. “Consumer protections are an area where California wants to show that we care,” Limon told NPR. “As the fifth-largest economy in the world we think that it is very important and it’s the right thing to do.” The new agency would give the state broader power and ability to police aggressive debt collectors, credit repair schemes, predatory lenders and other unethical financial practices. Limón proposed this agency even before the pandemic (which she says has exacerbated problems with lenders) because the Trump administration has relaxed oversight, she and other lawmakers believe, leaving it up to states to protect borrowers.   One national study last year found that the federal Consumer Financial Protection Bureau’s enforcement activity dropped 80% from 2015. And money returned to consumers dropped by 96%. A long list of fair lending and consumer protection groups back the proposal.At a recent legislative hearing, small business groups said they also want the new agency to protect them from predatory financial practices. A bankers-association representative told the station that, while everyone should face the same regulations, most big banks and financial institutions already are very heavily regulated at both the state and federal level. The financial firms have some lawmakers’ attention when it comes to potentially evading any new mandatory regulations.One group of moderate Democrats is pushing to allow for large carve-outs for many financial firms, a “source close to the negotiations over the proposal” told NPR.  If created, the new agency would be made by restructuring and expanding the size and authority of an existing agency called the Department of Business Oversight.  The Best Markets For Residential Property Investors 2 days agocenter_img in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Predatory Lending Data Provider Black Knight to Acquire Top of Mind 2 days ago Predatory Lending 2020-08-18 Christina Hughes Babb August 18, 2020 1,084 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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US pilot jailed in Singapore for defying quarantine order

first_imgSINGAPORE – An American cargo pilot who admitted to “poor judgment” in breaking a quarantine order to buy medical supplies became the first foreigner imprisoned in Singapore for breaching its restrictions meant to curb the coronavirus, his lawyer said Friday. Singapore has one of the largest outbreaks in Asia, with 26,000 cases. More than 90% of those infected are foreign workers living in crowded dormitories, while the government recently began easing restrictions for the local population. (AP) FedEx pilot Brian Dugan Yeargan, 44, of Alaska, was sentenced to four weeks Wednesday after he pleaded guilty to leaving his hotel room for three hours to buy masks and a thermometer, defense lawyer Ronnie Tan said.center_img In this May 13, 2020, photo, Brian Dugan Yeargan, wearing a face mask and sunglasses, walks outside the Singapore State Court in Singapore. APlast_img read more