Policy & Regulation

WASHINGTON — The Consumer Financial Protection Bureau is working with other regulators on examiner guidance to help ensure that the agencies enforce new mortgage disclosures in a "corrective" manner, not a "punitive" one, Director Richard Cordray said Tuesday.

Lawmakers from both political parties on Tuesday sharply criticized the Consumer Financial Protection Bureau's attempt to restrict or eliminate auto dealers' ability to markup a loan by citing their partnering lenders, arguing it would result in higher prices for consumers.

UBS Financial Services of Puerto Rico has agreed to pay $34 million to settle charges by the Securities and Exchange Commission and Financial Industry Regulatory Authority that it failed to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from an affiliated bank.

The government appears to be speeding toward establishing uniform standards for student loan servicers in light of reports of pervasive problems in the administration of both private and federal loans.

A bipartisan group of housing experts is seeking to inject more discussion about the mortgage market into presidential campaigns.

A long-expected change to the rules for provisioning against bad loans is coming soon, and opponents are going on the offensive, arguing that it is impractical and would be especially hard for small banks to comply with. But few concessions, if any, are predicted.

The six largest U.S. banks have jointly issued support for a "strong global climate agreement," ahead of a global summit on climate change in Paris in December.

The CFPB hired Dr. Bernard Siskin three years ago to serve as the agency's expert witness when it brings discrimination cases against lenders. But Siskin has also been hired by JPMorgan Chase, Citigroup and other big banks to represent them in bias cases against the CFPB, causing issues for the agency.

The most recent outcry came from four housing groups that warned lawmakers last week that the proposal by the Federal Housing Finance Agency "would make harmful changes" to the FHLB membership rules.

WASHINGTON — Fifth Third Bank must pay a total of more than $21 million to settle separate claims by the federal government that the bank's indirect auto-loan business discriminated against African-Americans and that the bank deceptively signed up customers for a credit card add-on product.