On November 3, 2017, the CFPB released the much anticipated HMDA Platform. The platform is the web portal that HMDA covered financial institutions must utilize to submit HMDA data beginning with its 2017 HMDA data. The platform has been available for testing since November 3rd; however, the CFPB sent out a reminder today regarding the official closing date of the platform. The beta testing period will officially close on December 31, 2017 to allow the […]
Category: CFPB
URLA – THE MOST RECENT OFFICIAL APPROVAL
On November 20, 2017 the Consumer Financial Protection Bureau (CFPB) published its most recent Official Approval of the redesigned Uniform Residential Loan Application (URLA) to include an applicant language preference question. The first Official Approval of the URLA, which was issued by the CFPB on September 23, 2016: • Clarified that the relevant language in the redesigned URLA is in compliance with the regulatory provisions of Regulation B § 1002.5(b) through (d), regarding requests for […]
ADDITIONAL ANNUAL LENDING THRESHOLDS PUBLISHED
On November 9 the Consumer Financial Protection Bureau published additional 2018 lending compliance thresholds as follows: The HPML Appraisal Exemption Threshold contained in 1026.35(c)(2)(ii) increased from $25,500 to $26,000; and The Regulation Z Scope Thresholds contained in 1026.3(b)(1) increased from $54,600 to $55,800. The same threshold is applicable to Regulation M. Information regarding other TILA thresholds that were published in July is available at https://mycomplianceresource.com/annual-update-to-tila-dollar-amounts/ In a few weeks the remaining thresholds will be published. […]
FINAL PAYDAY RULES
On October 5, 2017 the Consumer Financial Protection Bureau (CFPB) made available a final new rule, 12 CFR Part 1041 (Regulation OO), for Payday, Vehicle Title and Certain High-Cost Installment Loans. The 1,690 page rule is, for the most part, effective 21months after publication in the Federal Register. The rule is complex and controversial. The development of the rule involved over five years of research, outreach, and a review of more than one million comments […]
CFPB UPDATES HMDA TOOLS
Earlier today the Consumer Financial Protection Bureau (CFPB) updated several Home Mortgage Disclosure Act (HMDA) tools available on their website. The updates are the result of recent amendments to Regulation C. The updated tools (click link to access) include the: 2018 HMDA institutional coverage chart , 2018 HMDA transactional coverage chart , and Key dates timeline . For additional information about recent HMDA revisions click on the following links: Proposed HMDA Disclosure Policy; HMDA Examiner Transaction Testing Guidelines; […]