On December 13, 2021, the Consumer Financial Protection Bureau (CFPB) published 16 new or updated Frequently Asked Questions (FAQs) for Regulation E, which is the implementing regulation for the Electronic Fund Transfer Act. Compliance Resource will be offering an upcoming webinar on this topic, and we will be presenting it to our Compliance Masters Group. Stay tuned for more details.
Category: CFPB
FINAL REGULATION Z RULES FOR LIBOR
On December 8, 2021 the Consumer Financial Protection Bureau (CFPB) amended Regulation Z, which implements the Truth in Lending Act (TILA), generally to address the anticipated sunset of LIBOR, which is expected to be discontinued for most U.S. Dollar (USD) tenors in June 2023. Some creditors currently use USD LIBOR as an index for calculating rates for open-end and closed-end products. The CFPB is amending: The open-end and closed-end provisions to provide examples of replacement […]
CFPB CRITICAL OF CREDIT BUREAU PROCEDURES
On November 4, 2021, the Consumer Financial Protection Bureau published a sixteen-page advisory opinion to highlight that a consumer reporting agency that uses inadequate matching procedures to match information to consumers, including name-only matching (i.e., matching information to the particular consumer who is the subject of a consumer report based solely on whether the consumer’s first and last names are identical or similar to the names associated with the information), in preparing consumer reports (for […]
AGENCIES INCREASE REGULATION M AND Z THRESHOLDS
On November 29, 2021 the Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Bureau of Consumer Financial Protection (Bureau) announced new coverage thresholds for: Consumer Leasing (Regulation M) – Based on the annual percentage increase in the CPI-W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022. Appraisal for Higher-Priced Mortgage Loans Exemption Threshold – […]
CFPB CONSIDERING HMDA REVISIONS
During the Trump administration the Trump CFPB shrunk the HMDA requirements. Now the Biden CFPB, “plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will strengthen the CFPB’s ability to maintain a fair, competitive, and non-discriminatory mortgage market.” On November 16, 2021, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). Specifically, the CFPB will […]