Can you believe that title? The CFPB has actually published something for us in writing in the Federal Register that will clear up an item that has been a source of confusion since prior to the implementation of TRID. The publication in the Federal Register dated yesterday, February 10th, results in a correction to the Supplementary Information of the final rule to correct a typographical error. Specifically, section 1026.19(e)(3)(iii) – Variations Permitted for Certain Charges
DEADLINE QUICKLY APPROACHING FOR KEY ISSUE OF MILITARY LENDING ACT
Category: Department of Defense, Military Lending Act, Part 232
And yet another regulatory deadline is approaching in 2016…the final rule that amends existing Part 232 implementing the Military Lending Act has a mandatory compliance date of October 3, 2016. I know you may be thinking, October is still a long way away; we will worry about that one later. Not so fast Batman, another deadline relating to this regulatory change occurs this month, in fact only 5 calendar days from today – February 15,
HMDA FIG
Category: CFPB, HMDA, Regulation C
I have always enjoyed fruit. When I was a kid we always had a selection of fruits in the house, and on rare occasions we had a more exotic fruit, like figs. Most of my family didn’t like figs, so my Mom and I always split them. They were quite a treat. I haven’t had any figs in a while, but soon we all will have more FIG than we want. Final revisions to Regulation
FURTHER CHANGES TO “RURAL OR UNDERSERVED”
Category: CFPB, Lending Compliance, Regulation Z, Truth in Lending
Congress passed the FAST (Fixing America’s Surface Transportation Act) Act on December 4, 2015. Title LXXXIX of the FAST Act is the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Rural Communities Act). Congress removed the word “predominantly” from the phrase “operates predominantly in rural or underserved areas” in sections 129C and 129D of the Truth in Lending Act. The phrase is used to define, in part, which creditors are permitted to make
On January 20, 2013 the Consumer Financial Protection Bureau (CFPB) published final rules to revise the Truth in Lending Act (TILA) to require creditors to establish and maintain loan originator qualification requirements. One of the qualification requirements mandates that the creditor provide adequate training for loan originators. The final rules were effective on January 1, 2014. Failure to provide periodic training for loan originators is a double violation of the Truth in Lending Act and
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