Today the Consumer Financial Protection Bureau (CFPB) issued a 116 page final rule that amends Regulation Z escrow requirements. The rule is effective on June 1, 2013. The final rule has three main elements: The rule amends existing regulations that require creditors to establish and maintain escrow accounts for at least one year after originating a “higher-priced mortgage loan” to require generally that the accounts be maintained for at least five years. The rule creates […]
Category: CFPB
CFPB PUBLISHES FINAL RULES FOR HIGH-COST MORTGAGES AND HOMEOWNERSHIP COUNSELING
Today the Consumer Financial Protection Bureau (CFPB) published a 431-page final rule to strengthen consumer protections for high-cost mortgages and to provide consumers with information about homeownership counseling. The rule is effective on January 10, 2014. The final rule amends: Regulation Z (Truth in Lending) by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act of 1994 (HOEPA), revising and expanding the tests for […]
ABILITY TO REPAY RULES TO BE PUBLISHED TODAY
The Consumer Financial Protection Bureau (CFPB) will publish the long-anticipated amendments to Regulation Z to implement the ability to repay rules today. The rule will be effective next year. CFPB Director Richard Cordray will officially announce the new rule in an event scheduled for later today in Baltimore. The is the first of several final rules scheduled to be published by the end of next week. The rule imposes a range of obligations and restrictions […]
CFPB PUBLISHES SEMI-ANNUAL AGENDA
Today the Consumer Financial Protection Bureau (CFPB) published it’s semiannual agenda as part of the Fall 2013 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Agenda reflects antipathy actions during the period from October 1, 2012 to October 1, 2013. The next agenda will be published in spring 2013 and will update the agenda through October 1, 2013. According to the agenda the following final rules are expected in January 2013: Regulation X and […]
2013 HMDA THRESHOLD
On December 28th the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The revised asset-size exemption for banks, savings associations, and credit unions has increased to $42 million. As a result, institutions with assets of $42 million or less as of December 31, 2012, are exempt from collecting HMDA data in […]