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 […]
Tag: Dodd-Frank Act
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 […]
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 […]