ABILITY TO REPAY – SUCCESSORS-IN-INTEREST
Category: Ability to Repay, CFPB, Lending Compliance, Regulation Z, Truth in Lending
On July 11, 2014 the Consumer Financial Protection Bureau (CFPB) released a 10-page rule that clarifies that where a successor-in-interest (successor) who has previously acquired title to a dwelling agrees to be added as obligor or substituted for the existing obligor on a consumer credit transaction secured by that dwelling, the creditor’s written acknowledgement of the successor as obligor is not subject to the Ability-to-Repay Rule (ATR Rule), § 1026.43, because such a transaction does
EQUAL TREATMENT FOR SAME-SEX MARRIED COUPLES
Category: CFPB, ECOA, Regulation X, Regulation Z, RESPA, Truth in Lending
On June 26, 2013, in United States v. Windsor, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act as unconstitutional. The Consumer Financial Protection Bureau (CFPB) has noted on its blog that the decision has important consequences for its work. In order to fully implement the decision, the CFPB has taken steps to clarify how the decision affects the rules for which the agency is responsible. Recently, CFPB Director Cordray issued a
CFPB REGULATORY PRIORITIES FROM THE SEMIANNUAL REGULATORY AGENDA
Category: CFPB, Dodd-Frank Act, Financial Reform, HMDA, Regulation X, Regulation Z, RESPA, Truth in Lending
The CFPB’s regulatory priorities for the semiannual period ending October 31, 2014, include continuing work to implement Dodd-Frank Act mortgage protections, a series of rulemakings to address critical issues in other markets for consumer financial products and services, and following up on earlier efforts to streamline and modernize regulations that the CFPB has inherited from other Federal agencies. Implementing Dodd-Frank Act Mortgage Protections A major effort of the CFPB is the implementation of its
Recently the City of Providence, Rhode Island filed a federal lawsuit alleging that Santander Bank, N.A. has discriminated against Providence’s minority communities by refusing to make prime mortgage loans available in minority neighborhoods as required under the Fair Housing Act. Providence is seeking millions in damages from Santander, Mayor Angel Taveras said, and hopes that federal regulators open investigations into potential redlining. Santander denied the allegations. Santander is owned by Spanish banking giant, Banco Santander
A few final thoughts as the conference draws to a close: The Hotel – Hit To use the elevations room cards are scanned and then passengers are assigned to one of eight “cars.” Everyone assigned to a car is going to one of three or four floors. When the massive crowds exited the meeting rooms and flooded the elevators the system very efficiently handled the crowds. The Hotel – Miss Apparently the hotel failed to
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