On February 6, 2013 the Department of Housing and Urban Development (HUD) announced the settlement of a case that alleged that the lender violated the Fair Housing Act by requiring a home loan applicant on paid maternity leave to return to work before the lender would approve a home loan. HUD’s complaint alleged that because the lender required the woman, a Navy veteran, to return to work before approving the Department of Veterans Affairs (VA)-
In the past few weeks the Consumer Financial Protection Bureau (CFPB) put in place over 3,500 pages of new regulations to implement various provisions of the Dodd-Frank Act. Or, maybe they didn’t. Yesterday the D.C. Circuit of the Federal Court of Appeals issued a ruling that the President can make recess appointments only when the Senate has formally adjourned between sessions of Congress. If the ruling stands, various appointments, including President Obama’s recess appointment of
FINAL LOAN ORIGINATOR COMPENSATION RULES NOW AVAILABLE
Category: CFPB, Dodd-Frank Act, Financial Reform, Lending Compliance, Regulation Z, Truth in Lending
On Sunday January 20, 2013 the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z to revise and clarify existing regulations and commentary on loan originator compensation. The rules also implement Dodd-Frank Act provisions that prohibit certain arbitration agreements and the financing of certain credit insurance in connection with a mortgage loan. The 540-page final rule was published just hours before the Dodd-Frank mandated January 21, 2013 deadline. The rules take effect
CFPB PUBLISHES LOAN ORIGINATOR COMPENSATION RULES
Category: CFPB, Dodd-Frank Act, Financial Reform, Lending Compliance, Regulation Z, Truth in Lending
On January 18, 2013 the Consumer Financial Protection Bureau (CFPB) announced publication of a final rule amending Regulation Z. The new rules revise and clarify existing regulations and commentary on loan originator compensation. The rules also implement Dodd-Frank Act provisions that prohibit certain arbitration agreements and the financing of certain credit insurance in connection with a mortgage loan. The rules take effect in January 2014, except that the prohibition on mandatory arbitration and on the
CFPB PUBLISHES NEW REGULATION B APPRAISAL RULES
Category: CFPB, Dodd-Frank Act, ECOA, Financial Reform, Regulation B
On January 18, 2013 the Consumer Financial Protection Bureau published a124-page final rule to amend Regulation B, which implements the Equal Credit Opportunity Act. The final rule revises rules for appraisals and other valuations that was enacted as part of the Dodd-Frank Act. The final rule is effective on January 18, 2014. For applications for credit secured by a first lien on a dwelling the new rule: Requires creditors to notify applicants within three business
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.