Blog

On March 9, 2021 the Consumer Financial Protection Bureau (CFPB) published an interpretative rule entitled Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity. The interpretative rule:Clarifies that, with respect to any aspect of a credit transaction, the prohibition against sex discrimination in the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements ECOA, encompasses sexual orientation discrimination and gender identity discrimination, including discrimination based on actual or

On March 3, 2021 the Consumer Financial Protection Bureau (CFPB) announced a notice of proposed rulemaking (NPRM) that would delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. If the NPRM is finalized as proposed, the old, DTI-based General QM definition; the new, price-based General QM definition; and the GSE QM would all remain available as long as the lender received the consumer’s

On February 23, 2021, Dave Uejio, acting director of the Consumer Financial Protection Bureau (CFPB), issued a statement that announced, “We expect to propose a rule to delay the General QM Final Rule’s July 1, 2021 mandatory compliance date. An extension of the compliance deadline would allow lenders more time in which they could make QM loans based on a debt-to-income ratio or whether the loans are eligible for sale to Fannie Mae or Freddie

Daylight Saving Time (DT) begins on Sunday March 14, 2021 at 2:00 a.m. It ends on November 7, 2021 at 2:00 a.m. What does DT have to do with TRID?The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas

On February 11, 2021 the U.S. Department of Housing and Urban Development issued a memorandum titled Implementation of Executive Order 13988 on the Enforcement of the Fair Housing Act.On January 20, 2021, President Biden issued Executive Order 13988 on Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation. The Executive Order addresses the Supreme Court’s recent decision in Bostock v Clayton County, which held that the prohibitions against sex discrimination in