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HUD Issues Standard for Disparate Impact Liability
by: Margaret Wright, Esq.Implementation of the Fair Housing Act’s Discriminatory Effects Standard The Department of Housing and Urban Development (HUD) has issued the Final Rule amending the Fair Housing Act to establish the method to be used when establishing liability under the discriminatory effects standard. The amendment formalizes the “burden-shifting test” of discriminatory effect and also […]
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CFPB Announces Implementation Plan for New Mortgage Rules
by: Anna DeSimoneOn February 13, 2013 the Consumer Financial Protection Bureau (CFPB) announced an implementation plan regarding the new consumer protections that go into effect in January 2014. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB was required to issue new mortgage rules by Jan. 21, 2013. The CFPB met that […]
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Record Retention as Risk Management
by: Gregory R. Wilson, Esq.Proper record retention mitigates operational and compliance risk presented to any institution conducting business in this ever-changing regulatory environment. A well-established record retention program maintains records in an appropriate manner and for an appropriate duration thereby ensuring compliance, and providing for easier substantiation of compliance to auditors and examiners. In addition, […]
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Key Points to Loan Originator Compensation Requirements
by: Marissa Aquila Blundell, Esq.Last month the Consumer Financial Protection Bureau (CFPB) released final versions of several rules in accordance with Title XIV of Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Most of the new rules take effect in January of 2014, a short implementation period given the breadth and depth of the […]
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Changes in Virginia Lending Laws
by: Emily Ross, Esq.The Virginia Corporation Commission (“Commission”) has adopted proposed changes to Chapter 160 of Title 10 of the Virginia Administrative Code that were proposed by the Bureau of Financial Institutions (“Bureau”). These changes went into effect on January 28, 2013. The Commission modified and added to the established definitions of mortgage lending to […]
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CFPB Rules Prevent Originators from Steering Consumers into Risky Mortgages
by: Anna DeSimoneOn January 18, 2013 the Consumer Financial Protection Bureau (CFPB) issued issuing rules to prevent mortgage lenders from steering borrowers into risky mortgages and high-cost loans. The CFPB is finalizing the regulations governing how loan originators are compensated. The rules are summarized below: Prohibit steering incentives The rules prohibit compensation that varies with […]
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CFPB Issues Final Rule Containing HOEPA Changes
by: Marissa Aquila Blundell, Esq. On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) published the final version of a rule broadening and strengthening the Home Ownership and Equity Protections Act (HOEPA), as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Specifically, one year from now on January 10, 2014, […]
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CFPB Adopts Rules to Improve Consumer Access to Appraisal Reports
by: Lee Greenberg, Esq.On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) adopted two rules with the intention of improving consumer access to appraisal reports. Both rules become effective on January, 18 2014. The first new rule adopted by the CFPB requires mortgage lenders to provide applicants with free copies of all appraisals and […]
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CFPB Issues Proposed Rule Regarding Electronic Fund Transfer Act
by: Donna M. Saati, Esq.On December 31, 2012, the Bureau of Consumer Financial Protection (“CFPB” or the “Bureau”) proposed to amend subpart B of Regulation E, which implements the Electronic Fund Transfer Act (“EFTA”), and the official interpretation of the regulation. In its proposal, the CFPB seeks to refine three narrow aspects of a final […]
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Fannie Mae Announces Selling Guide Updates
by: Michelle PetersOn January 17, 2013 Fannie Mae announced Selling Guide updates that will affect the guidelines regarding: Selling Government Mortgage Loans to Fannie Mae, Refunding Borrowers for Overpayment of Fees and Charges, New Principal Curtailment Policy and InterVivos Revocable Trusts. All updates included in the announcement were effective immediately, unless otherwise stated; the announcement was […]
