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 […]
Category: Truth in Lending
REVISED INTERAGENCY EXAMINATION PROCEDURES FOR REGULATION Z
Several sources recently reported that the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council approved revised interagency examination procedures for Regulation Z – Truth in Lending. So, is this a significant event? Does your bank need to do anything in response? The primary revisions to the examination procedures result from the July 21, 2011 transfer of Regulation Z from the Federal Reserve Board to the Consumer Financial Protection Board. To minimize […]
2013 THRESHOLDS
On November 20, 2013 the Consumer Financial Protection Bureau published notices increasing several thresholds for 2013. Two notices increased the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. The Dodd-Frank Act amendment the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical […]
EXTENDED DATE FOR NEW MORTGAGE DISCLOSURES
On November 16, 2012 the Consumer Financial Protection Bureau (CFPB) announced that it will give creditors extra time to provide certain new disclosures required under the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the Bureau. The Dodd-Frank Act: Requires the CFPB to integrate certain disclosures from the Truth in Lending Act (TILA) and the Real Estate Settlement […]
PROPOSED REVISONS TO REGULATION Z – DISCOUNT POINTS
This is the fourth part of a five part series that explores issues related to discount points. The previous article considered how unearned discount points could result in fair lending violations. This part provides a glimpse of how changes to Regulation Z will change how discount points are handled in the future. On August 17, 2012, the Consumer Financial Protection Bureau (CFPB) proposed two revisions to Regulation Z to implement provisions of the Dodd-Frank Act […]