CFPB
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CFPB Revises Asset-Exemption Threshold for HMDA Data Collection in 2013
by: Margaret Wright, Esq.The Consumer Financial Protection Bureau (CFPB) has issued a Final Rule which revises the Home Mortgage Disclosure Act (HMDA) regarding adjustment of the asset exemption threshold definition for HMDA data collection by depository institutions. Banks, saving associations and credit unions with assets that are less than or equal to $42 million as […]
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Consumer Financial Protection Bureau Issues Ability-to-Repay and Qualified Mortgage Final Rule
by: Marissa Aquila Blundell, Esq.On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued the final version of the hotly debated Ability- to-Repay rule set out in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd Frank). The rule requires creditors to make a reasonable and good faith determination that borrowers have a […]
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Consumer Financial Protection Bureau Releases Report on Credit Bureaus
by: Anna DeSimone December 13, 2012, the Consumer Financial Protection Bureau (CFPB) released a report on the consumer experience with the three largest nationwide credit reporting companies: Equifax, Experian and TransUnion. The three bureaus collectively maintain over 200 million files on consumers. In a typical month, they receive updates from approximately 10,000 information “furnishers,” which […]
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Justice Department and CFPB Form Mutual Fair Lending Agreement
by: Marissa Aquila Blundell, Esq. On December 6, 2012, the United States Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) executed a Memorandum of Understanding (MOU) Regarding Fair Lending Coordination. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), authorized the CFPB to implement and enforce consumer financial law, including but not […]
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CFPB and Fed Increase Reg Z Dollar Threshold
by: Marissa Aquila Blundell, Esq. On November 20, 2012, the Consumer Financial Protection Bureau (CFPB), jointly with the Federal Reserve Board (FRB) where applicable, issued three final rules which adjust certain monetary thresholds in the Truth-in-Lending Act’s (TILA) Regulation Z and Consumer Leasing Act’s (CLA) Regulation M. The Dodd-Frank Wall Street Reform and Consumer […]
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CFPB Delays Effective Date for Dodd-Frank
by: Marissa Aquila Blundell, Esq.On Friday, November 16, 2012, the Consumer Financial Protection Bureau (CFPB) published a final rule which delays the effective date for compliance with the new mortgage disclosure rules included in Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The CFPB’s rule provides an exemption from compliance with […]
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CFPB Proposes New Rules for Property Appraisals
by Anna DeSimonePresidentMonday, October 15, 2012 marks the end of the sixty-day comment period of the proposed rules issued by the Consumer Financial Protection Bureau (CFPB) that would give consumers additional information rights regarding their property appraisals. The CFPB expects to implement the final rule in January 2013. The rule would require mortgage lenders to […]
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Update on CFPB Proposed LO Compensation Rule
by Marissa Aquila Blundell, Esq.Sr. VP & General CounselIndustry comments regarding the Consumer Financial Protection Bureau’s proposed rules governing loan originator compensation, implementing key provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) must be submitted by October 16, 2012. Although the CFPB extended the comment period for a limited section of […]
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CFPB Begins Supervision of Credit Bureaus
On September 20, 2012, the Consumer Financial Protection Bureau begins its supervision of consumer credit reporting agencies, also known as credit bureaus or credit reporting companies. It is the first time such companies will be supervised at the federal level. The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the CFPB to supervise nonbanks […]
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CFPB Proposes Rules to Bring Accountability to Mortgage Market
by Anna DeSimonePresidentOn August 17, 2012 the Consumer Financial Protection Bureau (CFPB) proposed rules to bring greater accountability to the mortgage loan origination market. The rules are intended to help consumers understand mortgage costs and comparison shop. The CFPB is seeking public comment on a proposal that would: Require Lenders to offer loans with a […]