Bills have been introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans....more
12/20/2023
/ Consumer Financial Products ,
Consumer Reporting Agencies ,
Credit Reports ,
Credit Unions ,
Depository Institutions ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda
The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having...more
12/8/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Late Fees ,
Mortgage Servicing Rules ,
Overdraft Fees ,
Popular ,
Regulation DD ,
Regulation Z ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more
11/21/2023
/ Appeals ,
Banking Examinations ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
SCOTUS ,
Summary Judgment ,
Trade Associations ,
UDAAP
The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2024 through December 31, 2024, these exemption thresholds are...more
11/15/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Exemptions ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Inflation Adjustments ,
Loans ,
Mortgages ,
OCC ,
Proposed Rules ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
In March 2022, the Consumer Financial Protection Bureau announced that it had revised its examination manual to instruct its examiners to apply the “unfairness” standard under the Consumer Financial Protection Act to conduct...more
A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more
6/9/2023
/ Appraisal ,
Bias ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
FDIC ,
Financial Regulatory Reform ,
Mortgages ,
NCUA ,
OCC ,
Proposed Guidance ,
Real Estate Transactions ,
Regulatory Agenda ,
Third-Party ,
USPAP
As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more
2/6/2020
/ Banks ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Deadlines ,
Financial Institutions ,
Financial Regulatory Reform ,
Mortgage Loan Originators ,
Mortgages ,
RESPA ,
Rulemaking Process ,
Surveys ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to...more
1/27/2020
/ Categorical Exemptions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Real Estate Transactions ,
Regulation C ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Small Entity Compliance Guide ,
Threshold Requirements
The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule. As previously reported, the May 2019 proposal would...more
10/11/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Threshold Requirements
As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the...more
10/1/2019
/ Appraisal ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Exemptions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FIRREA ,
Mortgages ,
Real Estate Transactions ,
Rulemaking Process ,
Rural Areas ,
Rural Housing Services ,
Threshold Requirements ,
USPAP
The U.S. Department of Treasury recently issued the long-awaited Housing Reform Plan, and among various topics the Plan addresses the temporary qualified mortgage under the Regulation Z ability-to-repay rule for loans that...more
9/9/2019
/ Ability-to-Repay ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Fannie Mae ,
Financial Regulatory Reform ,
Freddie Mac ,
GSE ,
Housing Market ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Rulemaking Process ,
U.S. Treasury
The U.S. Department of Veterans Affairs recently issued Circular 26-19-23to provide interim guidance on the provisions of the Blue Water Navy Vietnam Veterans Act of 2019 (Blue Water Act) that affect VA’s Loan Guaranty...more
In Mortgagee Letter 2019-11, the U.S. Department of Housing and Urban Development (HUD) announced that it is reducing the maximum loan-to-value ratio and combined maximum loan-to-value ratio on cash-out refinance mortgages...more
8/2/2019
/ Comment Period ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
FHA Loans ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Public Comment ,
Refinancing ,
Regulatory Requirements ,
Rulemaking Process
As previously reported, in September 2017 the CFPB proposed policy guidance regarding what application-level Home Mortgage Disclosure Act (HMDA) data would be disclosed to the public based on the significant expansion to the...more
The Consumer Financial Protection Bureau (CFPB) recently issued a statement regarding the partial exemption from Home Mortgage Disclosure Act (HMDA) reporting requirements for certain lower mortgage volume depository...more
7/6/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Dodd-Frank ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Exemptions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HELOC ,
HMDA ,
Mortgage Loan Servicing Standards ,
Mortgages ,
Reporting Requirements
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)
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
11/21/2017
/ Appraisal ,
Banking Sector ,
Banks ,
Cyber Threats ,
Elder Abuse ,
Financial Institutions ,
Financial Regulatory Reform ,
HMDA ,
Legislative Agendas ,
Mortgage Loan Originators ,
Proposed Legislation ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
Rural Areas ,
Senate Banking Committee ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more
7/11/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
BSA/AML ,
Financial Institutions ,
Financial Regulatory Reform ,
Foreign Banks ,
Lenders ,
Money Laundering ,
Money Transmitter ,
Mortgages ,
New Regulations ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Transaction Monitoring
In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more
10/21/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Homeowners ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market ,
Software ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Vendors