On February 6, 2020 Kathleen Kraninger presented the Consumer Financial Protection Bureau’s (CFPB’s) Fall 2019 Semi-Annual Report to Congress, covering the period from .April 1, 2019, to September 30, 2019. The Report provides updates on a number of current regulatory efforts including, but not limited to: Payday, Vehicle Title, and Certain High-Cost Installment loans In February 2019, the CFPB released Notices of Proposed Rulemaking (NPRM) on the 2017 Payday, Vehicle Title, and Certain High-Cost Installment […]
Tag: Lending Compliance
TAXPAYERS FIRST ACT
On July 1, 2019, the Taxpayer First Act of 2019 was signed into law. The legislation expands taxpayer rights and reforms the Internal Revenue Service (IRS) into a more consumer friendly agency through focus on customer service, technology and enhancing cyber security. Effective December 28, 2019, Section 2202 of the Act, amends IRS law 26 USC 6103(c) to include the following language: “Persons designated by the taxpayer under this subsection to receive return information shall […]
FLOOD INSURANCE CONTINUATION – DOWN TO THE WIRE
On September 26, 2019 H.R 4378 provided continuation of funding for the National Flood Insurance Program (NFIP) through November 21, 2019. Now H.R. 3055, which among others items provides continuation of funding for NFIP, has passed in both the House and Senate. The House and Senate versions differed slightly and the differences are being resolved. Next the bill moves on for Presidential signature. The day is not over so Congress and the President have hours […]
CFPB COMMENCES TRID ASSESSMENT
On November 20 the Consumer Financial Protection Bureau (CFPB) announced that it commencing an assessment of its TRID (Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure) rules. The CFPB intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors. The public is invited to comment on the feasibility and effectiveness of […]
FDIC SETTLES RESPA VIOLATIONS FOR $1.35 MILLION
On November 6, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with HomeStreet Bank, Seattle, Washington, for violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). HomeStreet stipulated to the issuance of an Order to Pay Civil Money Penalty (“Order”) in the amount of $1,350,000. The FDIC determined that HomeStreet Bank, through its now discontinued Home Loan Center-based mortgage banking business line, entered into co-marketing arrangements in which the bank and […]