The Equal Credit Opportunity Act (ECOA) makes it unlawful for creditors to discriminate in any aspect of a credit transaction on the basis of sex, race, color, religion, national origin, marital status, or age (provided the applicant has the capacity to contract), because all or part of an applicant’s income derives from public assistance, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act. Historically, ECOA has been […]
Tag: Lending Compliance
CFPB – THE INHERITED REGULATIONS – PART II
On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. The “inherited regulations” include 14 existing consumer regulations that the CFPB inherited from other regulatory agencies on July 21, 2011, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA). The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations. Following is the schedule of […]
CFPB – THE INHERITED REGULATIONS
On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. The “inherited regulations” include 14 existing consumer regulations, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA), that the CFPB inherited from other regulatory agencies on July 21, 2011. The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations. On December 16, 2011 the […]
FINALLY – MOVEMENT FROM THE CFPB
On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. This publication is significant for several reasons. INHERITED REGULATIONS The “inherited regulations” include 14 existing consumer regulations, including, among others, Regulation Z and Regulation X (RESPA), that the CFPB inherited from other regulatory agencies on July 21, 2011. The inherited regulations will be published in Chapter X of Title 12 of the Code of […]
KNOW BEFORE YOU OWE
The Dodd-Frank Act requires the Consumer Financial Protection Bureau (CFPB) to combine Truth in Lending Act and the Real Estate Settlement Procedures Act disclosures. The CFPB began with the early disclosures (the combined early TIL and GFE). Now they are working on the closing disclosures (the combined TIL/HUD-1). Early disclosures – For most lenders the early TIL and GFE disclosures currently include four to six pages. The proposed combined form consists of two pages. The […]