The U.S. House of Representatives on Tuesday passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 258 to 159. ...more
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Based on the President’s executive order 13772 on The Core Principles for Regulating the United States Financial System, the American Bankers Association (ABA) submitted a white paper to Treasury Secretary Mnuchin that...more
5/18/2017
/ American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Dodd-Frank ,
Executive Orders ,
HMDA ,
Mortgages ,
Privacy Concerns ,
Regulatory Standards ,
Secretary of the Treasury ,
Trump Administration
On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor. The Act...more
5/15/2017
/ Ability-to-Repay ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Popular ,
Proposed Legislation ,
Regulation Z ,
Regulatory Oversight ,
Reporting Requirements
The DOJ submitted its amicus brief in the PHH case on Friday, March 17. We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the...more
3/20/2017
/ Administrative Proceedings ,
Amicus Briefs ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more
10/28/2016
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
HMDA ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation C ,
Reporting Requirements
The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more
10/13/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more
The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more
The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more
10/20/2015
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Financial Transactions ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Regulation C ,
Reporting Requirements ,
Threshold Requirements
Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more
The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the...more
The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the...more
On April 29, 2015, the Office of Minority and Women Inclusion (OMWI) of the Consumer Financial Protection Bureau (CFPB or Bureau) released its third Annual Report for 2014, as mandated by Section 342(e) of the Dodd-Frank Act...more
The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more
1/17/2014
/ Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Drafting ,
Disgorgement ,
Dodd-Frank ,
HUD ,
Kickbacks ,
Lenders ,
Real Estate Market ,
RESPA
The CFPB has issued Version 2.0 of its “2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide.” The Guide, originally issued in July 2013, is intended “to help financial institutions come into and maintain compliance with” the...more
Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and,...more
8/30/2013
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
FHFA ,
HUD ,
Mortgage-Backed Securities ,
Mortgages ,
OCC ,
QRM Standard ,
Securities and Exchange Commission (SEC)
It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were...more
The CFPB has issued a “2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide” that is intended “to help financial institutions come into and maintain compliance with” the CFPB’s mortgage rules finalized in January 2013....more
In a June 19 speech to the Exchequer Club, CFPB Director Richard Cordray advised that the Bureau fully expects all institutions to be in compliance with the new mortgage rules when they become effective in January 2014....more
The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more
The Consumer Financial Protection Bureau has issued a final rule to implement Dodd-Frank amendments to the Equal Credit Opportunity Act that require creditors to provide to a first lien mortgage applicant a copy of all...more
The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline....more
The CFPB has issued a final rule to incorporate Dodd-Frank requirements into the existing Regulation Z loan originator compensation rule that applies to mortgage loans....more
Today, the federal financial institution agencies (the FDIC, Fed, OCC, and NCUA), the CFPB, and the Federal Housing Finance Agency adopted a joint final rule to implement Dodd-Frank appraisal requirements for higher-priced...more