On December 6, 2022, the CFPB issued a Notice rescinding its 2020 Home Mortgage Disclosure Act (HMDA) Final Rule changing the loan volume reporting threshold for closed-end mortgage loans. This was in response to a ruling by the United States District Court for the District of Columbia, in September of this year which stated that the CFPB did not have the authority to change the original reporting threshold from 25 to 100. In the notice the CFPB
We hope you enjoyed Christmas or the holiday you enjoy with your family. And, we hope the New Year holds great promise for you all. Annual Thresholds On December 22, 2022, we published a blog article entitled Final Regulation Z Thresholds. We had an error when loading the article to our website. The Qualified Mortgage thresholds for the spread between the annual percentage rate (APR) and the average prime offer rate (APOR) were misstated. The corrected
On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) will issue a final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2022. The revisions include: For open-end consumer credit plans under TILA, the threshold that triggers requirements
On December 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced the availability of an updated consumer publication, ‘‘What You Should Know about Home Equity Lines of Credit,’’ also known as the HELOC booklet, required by the Truth in Lending Act (TILA), as implemented by Regulation Z. The CFPB is updating the HELOC booklet so that it aligns with the CFPB’s educational efforts, to be more concise, and to improve readability and usability. New features
On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges
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