Can’t get excited about the CFPB’s fourth birthday? Well let’s celebrate the continued foot-dragging on the part of the CFPB and other Federal agencies. Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act to require financial institutions to collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses. The law established an effective date of July 21, 2011. Since Section 1071 was scheduled to be […]
Tag: Consumer Financial Protection Bureau
HAPPY ANNIVERSARY!
Today is the fifth anniversary of the Dodd-Frank Act and it’s the CFPB’s fourth birthday. Do you feel like celebrating? The Dodd-Frank Act continues to stir up controversy and is likely to be a topic of much discussion during the upcoming presidential campaigns. By one estimate only 60% of the total Dodd-Frank rules have been completed; the rest will continue to unfold in the coming years. The Dodd-Frank Act spawned the Consumer Financial Protection Bureau. […]
TRID DELAY PROPOSAL
The Consumer Financial Protection Bureau (CFPB) has issued a 23-page proposed regulation to delay the Truth in Lending/RESPA Integrated Disclosures from August 1, 2015 to October 3, 2015. The delay is appreciated, but some of the explanations are just weird. The delay occurred because a CFPB staffer forgot to send a notice to Congress 60 days prior to the August 1st effective date. By the time the error was discovered a two-week delay, until August […]
TRID DELAY
Today, within hours after the Consumer Financial Protection Bureau (CFPB) announced to 1,700 bankers at the ABA Regulatory Compliance Conference that there would be no delays in TRID (TIL/RESPA Integrated Disclosure Rule) implementation, CFPB Director Richard Cordray issued the following statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that […]
CFPB CHANGES APR TOLERANCES OR NOT
During a May 12 speech at the National Association of Realtors conference in Washington, D.C. CFPB Director Richard Cordray took the time to dismiss some misconceptions regarding the TRID Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosures and he created a few misconceptions in the process. Director Cordray said the requirement to provide the new Closing Disclosure three business days before closing “should not interfere with a successful closing, as some have claimed. […]