The Electronic Code of Federal Regulations (eCFR) is a web version of the Code of Federal Regulations (CFR) that is updated daily to better reflect its current status. It has been a valuable compliance research tool since its inception. Recently the eCFR has been updated (currently in beta testing) to provide the capability to explore the Code of Federal Regulations at a point in time. With the system you can: View and search the current
On July 21, 2020 the Consumer Financial Protection Bureau (CFPB) began the annual process of updating regulatory thresholds by publishing a final rule revising certain dollar amounts in Regulation Z, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2020. For open-end consumer credit plans under the CARD Act amendments to TILA ( 1026.52(b)(1)(ii)(A) and (B)), the adjusted dollar amount in 2021 for the safe harbor for
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule, and related materials, related to the Payday lending and other small dollar products. The Payday Lending rules have been unfolding for several years. The final rule, implemented as Regulation OO, rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient. The final rule does not rescind
CFPB ISSUES NPRM ON HPML ESCROW EXEMPTION
Category: CFPB, EGRRCPA, Escrow, Regulation Z, Truth in Lending
On July 2, 2020, the Consumer Financial Protection Bureau (CFPB) published a Notice of Proposed Rulemaking (NPRM) to amend Regulation Z, which implements the Truth in Lending Act, as mandated by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The amendments would exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans. In the 2018 EGRRCPA, Congress required the
On June 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its Spring 2020 Agenda. The agenda lists the regulatory matters that the CFPB expects to focus on between May 1, 2020 and April 30, 2021. Those matters include: A final rule amending the CFPB’s Remittance Rule to provide tailored exceptions that permit certain insured institutions to disclose estimates instead of exact amounts to consumers in certain circumstances. The final rule also increases (from 100 remittance
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