On December 21, 2020, the Consumer Financial Protection Bureau published an Advisory Opinion (AO) on Special Purpose Credit Programs established per the requirements of the Equal Credit Opportunity Act and Regulation B. It is designed to address regulatory uncertainty in special purpose credit programs designed and implemented by for-profit organizations to meet special social needs. Specifically, this AO clarifies: The content that a for-profit organization must include in a written plan that establishes and administers […]
Tag: CFPB
Final Final Fair Debt Collections Practices Act is Published
On December 18, 2020, the Consumer Financial Protection Bureau (CFPB) released the second part of its final rule, Regulation F, which implements the Fair Debt Collection Practices Act. The first part of the final rule was published on October 30, 2020. The most recent release has three primary components dealing with validation notices, passive debt collection through negative reporting, and the collection of time-barred debt. Most notably, the provisions dealing with time-barred debt depart significantly […]
CFPB ISSUES TWO QM RULES
On December 10, 2020, the Consumer Financial Protection Bureau (CFPB) issued two final rules related to qualified mortgage (QM) loans. The first final rule, the General QM Rule, replaces the current requirement for General QM loans that the consumer’s debt-to-income ratio (DTI) not exceed 43 percent with a limit based on the loan’s pricing. The second final rule, reveals a new Seasoned QM. General QM – Under the final rule a loan receives a conclusive […]
CFPB ADVISORY OPINIONS
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued its Advisory Opinions Policy, which sets forth procedures to facilitate the submission by interested parties of requests that the CFPB issue advisory opinions, in the form of interpretive rules, to resolve regulatory uncertainty, and the manner in which the Bureau will evaluate and respond to such requests. The CFPB also released its first Advisory Opinions that clarify the following Regulation Z issues: Private Education […]
UPDATE TO THE 2021 HMDA FIG
On November 23, 2020, the Consumer Financial Protection Bureau (CFPB) published minor edits to the Filing Instructions Guide for HMDA Data Collected in 2021 (FIG). The 2021 version of the FIG was initially published in August 2020. Subsequent changes were made in: August 2020 Section 3.4, Table 2 – Updated Automated Underwriting System valid values; September 2020 Section 3.4, Table 2 – Added and updated Automated Underwriting System valid values; Section 4.2.2 – Corrected date listed […]