On July 5, 2018 both the Office of the Comptroller of the Currency (OCC Bulletin 2018-19) and the Consumer Financial Protection Bureau issued statements regarding the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amendments to the Home Mortgage Disclosure Act (HMDA). The President signed the EGRRCPA on May 24, 2018. Section 104 of the law amends HMDA. The EGRRCPA provides exemptions from certain HMDA requirements for insured depository institutions, with satisfactory or outstanding […]
Category: CFPB
CFPB PUBLISHES SPRING 2018 AGENDA
On May 10, 2018 the Consumer Financial Protection Bureau (CFPB) published its semi-annual regulatory agenda. The agenda includes rulemaking actions in pre-rule, proposed rule, final rule, long-term, inactive, and completed stages. Priorities are clearly changing. The agency’s Acting Director has decided to reclassify as “inactive” certain rulemakings that had been listed in previous editions of the agenda in the expectation that final decisions on whether and when to proceed with such projects will be made […]
CFPB FINAL RULE CLARIFIES REGULATORY BLACK HOLE
On April 28, 2018 the Consumer Financial Protection Bureau (CFPB) finalized an amendment to its Truth in Lending/Real Estate Settlement Procedures Act Integrated Disclosures (TRID) that addresses when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith. Under the current rule, circumstances may arise in which a cost […]
UPDATED MORTGAGE SERVICING FAQS
On March 20, 2018 the Consumer financial Protection bureau (CFPB) updated the Mortgage Servicing FAQs. The updated FAQs pertain to compliance with Regulation X and Regulation Z, effective April 19, 2018. The updates deal primarily with recent revisions to Regulation that are effective on April 19, 2018. Read More: A copy of the FAQs is available at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_mortgage-servicing_frequently-asked-questions.pdf More information about the recent changes to Regulation Z are available at: https://mycomplianceresource.com/last-minute-revisions-to-regulation-z-servicing-rules/
Legislative Update
On March 6, the House of Representatives took action on several banking related bills. As typical the bills next go to the Senate. The Portfolio Lending and Mortgage Access Act (H.R. 2226) passed by voice vote. It would provide a “qualified mortgage” safe harbor for all loans held in portfolio for institutions under $10 billion in assets. The Comprehensive Regulatory Review Act (H.R. 4607) passed by a vote of 264 to 163. It would ensure […]