CFPB
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CFPB Publishes Final Rule Amending TRID
On April 26, 2018, the Consumer Financial Protection Bureau (CFPB) published a final rule adopting changes proposed in 2017. The new rule takes effect 30 days after publication of the final rule in the Federal Register.
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HMDA 2018 “Getting it Right!” Guide Released
Last week, the 2018 edition of A Guide to HMDA Reporting: Getting it Right! (the Guide) was released. This edition of the Guide is effective for the 2018 calendar year data, to be submitted by March 1, 2019.
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U.S. House of Representatives Approves New Rules for TRID and Mortgage Loan Originators
The House has passed a Mortgage Bankers Association-supported bill that amends the TILA/RESPA Integrated Disclosure rule, and supports flexibility for mortgage loan originators.
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CFPB Issues HMDA Public Statement
On December 21, 2017, the CFPB issued a public statement with respect to the recently effective HMDA rule. For HMDA data collected in 2018 and reported in 2019, “the Bureau does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.” Examinations of 2018 HMDA data will be diagnostic to help institutions identify compliance weaknesses and will credit good faith compliance efforts.
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CFPB Finalizes Equal Credit Opportunity Act Regulation
September 20, 2017, the Consumer Financial Protection Bureau (CFPB) modified Equal Credit Opportunity Act (Regulation B) regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
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CFPB Clarifies HMDA Reporting Thresholds for Community Banks and Credit Unions
On August 24, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The CFPB has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.
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CFPB Releases State-level Snapshot of Consumer Complaints
June 27, 2017, the Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and […]
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CFPB Issues Notice of ATR/QM Assessment and Requests Comment
May 25, 2017, the Consumer Financial Protection Bureau released details of its plan to assess the 2014 Ability to Repay (ATR) and Qualified Mortgage (QM) Standards (ATR/QM Rule) and requested comments. Comments are due by July 31, 2017.
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CFPB Proposes Amendments to ECOA to Provide More Flexibility for Lenders
The Consumer Financial Protection Bureau (CFPB) has issued proposed changes to the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information.
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FFIEC Updates HMDA Technology Platform for Filing LAR
January 2017, the Federal Financial Institutions Examinations Council (FFIEC) updated its technology platform for filing the Loan Application Register (LAR) as required by the Home Mortgage Disclosure Act (HMDA). For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) has been created to process HMDA data.