In the past few weeks the Consumer Financial Protection Bureau (CFPB) put in place over 3,500 pages of new regulations to implement various provisions of the Dodd-Frank Act. Or, maybe they didn’t. Yesterday the D.C. Circuit of the Federal Court of Appeals issued a ruling that the President can make recess appointments only when the Senate has formally adjourned between sessions of Congress. If the ruling stands, various appointments, including President Obama’s recess appointment of […]
Month: January 2013
FINAL LOAN ORIGINATOR COMPENSATION RULES NOW AVAILABLE
On Sunday January 20, 2013 the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z to revise and clarify existing regulations and commentary on loan originator compensation. The rules also implement Dodd-Frank Act provisions that prohibit certain arbitration agreements and the financing of certain credit insurance in connection with a mortgage loan. The 540-page final rule was published just hours before the Dodd-Frank mandated January 21, 2013 deadline. The rules take effect […]
CFPB PUBLISHES LOAN ORIGINATOR COMPENSATION RULES
On January 18, 2013 the Consumer Financial Protection Bureau (CFPB) announced publication of a final rule amending Regulation Z. The new rules revise and clarify existing regulations and commentary on loan originator compensation. The rules also implement Dodd-Frank Act provisions that prohibit certain arbitration agreements and the financing of certain credit insurance in connection with a mortgage loan. The rules take effect in January 2014, except that the prohibition on mandatory arbitration and on the […]
CFPB PUBLISHES NEW REGULATION B APPRAISAL RULES
On January 18, 2013 the Consumer Financial Protection Bureau published a124-page final rule to amend Regulation B, which implements the Equal Credit Opportunity Act. The final rule revises rules for appraisals and other valuations that was enacted as part of the Dodd-Frank Act. The final rule is effective on January 18, 2014. For applications for credit secured by a first lien on a dwelling the new rule: Requires creditors to notify applicants within three business […]
INTERAGENCY APPRAISAL RULES FOR HIGHER-PRICED MORTGAGE LOANS
On January 16, 2013 the FDIC published an interagency rule to amend Regulation Z, as required by the Dodd-Frank Act. The new rule established appraisal requirements for “higher-priced mortgages.” The other federal financial institution regulatory agencies are expected to join the effort on January 18th. The 305-page final rule is effective on January 18, 2014. The new rule prohibits a creditor from extending credit in the form of a higher-priced mortgage loan to any consumer […]