CFPB
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CFPB Proposes Rule to Promote More Effective Privacy Disclosures
by: Anna DeSimoneMay 6, 2014 the Consumer Financial Protection Bureau (CFPB) proposed a rule to promote more effective privacy disclosures from financial institutions to their customers. The rule would allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. The rule would […]
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CFPB Proposes Minor Changes to Mortgage Rules
by: Anna DeSimoneProposal Would Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages April 30, 2014 the Consumer Financial Protection Bureau (CFPB) proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit […]
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CFPB Releases TILA-RESPA Integrated Disclosure Rule Compliance Guide
by: Margaret WrightOn April 1, 2014, the Consumer Financial Protection Bureau released their Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule. The CFPB’s TILA-RESPA Integrated Disclosure Rule Guide is organized in a helpful question and answer format which outlines important information concerning the requirements for each new disclosure. The Guide includes a page […]
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CFPB Recovers $1 Million+ for Servicemembers and Veterans Interagency Servicing Guidance
by: Anna DeSimone March 6, 2014 the Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the Bureau about financial products or services have recovered more than $1 million. The relief was reported in the CFPB’s second snapshot of complaints from military consumers, which also highlighted how some military […]
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CFPB Proposes Revisions to HMDA and Collection of Additional Data
by: Anna DeSimone February 7, 2014, the Consumer Financial Protection Bureau (CFPB) began the process of revising the Home Mortgage Disclosure Act (HMDA) rules to require lenders to collect and report several new data elements. Some of these new data elements are specifically required under Dodd-Frank. The Bureau is also considering requiring some additional data […]
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CFPB Issues Report on Mortgage Servicing Problems in 2013
by: Anna DeSimoneJanuary 30, 2014 the Consumer Financial Protection Bureau (CFPB) issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities […]
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CFPB Announces Increase in Higher-Priced Mortgage Loans Escrow Account Asset-Size Threshold
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA). The rule is effective […]
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CFPB Announces Increase in HMDA Asset-Size Exemption Threshold to $43 Million
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The rule is effective as of January 1, 2014 and will apply to data collection in […]
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Agencies Amend HPML Appraisal Rules
by: Margaret WrightOn December 12, 2013 the Agencies issued the final rule to amend the upcoming HPML Appraisal Rule which is effective on January 18, 2014. The final rule in part amends the transactions exempted under the rule by adding additional exemptions based on loan amount, certain refinance transactions and amends the current manufactured home […]
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CFPB Updates its Rulemaking Agenda
by: Anna DeSimoneDecember 3, 1013 the Consumer Financial Protection Bureau (CFPB) posted a semi-annual update to its Rulemaking Agenda. A summary of the CFPB announcement is provided below: The fall 2013 agenda reflects that the CFPB is continuing to work on rulemakings mandated by the Dodd-Frank Act and significant issues in other major markets for […]