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The next chapter in the future of mortgage lending was published by the Consumer Financial Protection Bureau (CFPB) this week. As required by the Dodd-Frank mortgage lenders and related parties soon will be required to give borrowers with closed-end mortgage loans a statement for each billing cycle. Many financial institutions already provide statements. Currently there is no standard format for statements. Section 1420 of the Dodd-Frank Act amends the Truth in Lending Act by requiring

The Consumer Financial Protection Bureau (CFPB) recently presented its first Semi-Annual Report to the President and Congress. Among other issues, the report includes the CFPB’s agenda for the next six months. It is aggressive and includes items that will represent a lot of work for our readers. The agenda includes: Final rules defining the lender’s obligation to assess the borrower’s ability to repay mortgage loans; Proposed mortgage loan disclosures, which combine Truth in Lending disclosures

2012 is going to be a big year for Fair Lending issues. In late December 2011 the Department of Justice (DOJ) entered into the largest residential fair lending settlement in the agency’s history. The $335 million settlement resulted from the lender charging higher rates and fees to African-American and Hispanic borrowers than non-Hispanic white borrowers. Attorney General Eric Holder has made clear that DOJ is gearing up for additional fair lending suits. DOJ has filed

A volcanologist is a person who studies volcanoes. It must be a frustrating job; one to which I can relate. I guess I am a CFPBologist. I study the Consumer Financial Protection Bureau to try to predict when they will erupt. The Bureau of Consumer Financial Protection (CFPB) is publishing a final rule to implement section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates a comprehensive new system of consumer

Congress enacted the Truth in Savings Act (TISA), 12 U.S.C. 4301, based on findings that economic stability would be enhanced, competition between depository institutions would be improved, and consumers’ ability to make informed decisions regarding deposit accounts would be strengthened if there was uniformity in the disclosure of interest rates and fees. The purpose of the act and regulation is to assist consumers in comparing deposit accounts offered by depository institutions, principally through the disclosure of