Monthly Archives: June 2013

Can You Keep Up? CFPB Issues Additional Amendments to Regulations B, X, and Z

On June 24, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued its latest round of amendments to the January 2013 mortgage rules, stating that this set of changes resolves questions identified “during the implementation process.” Additioanlly, the CFPB indicated that this round of changes increases the value of the regulatory changes for consumers. For financial […]

Putting it all Together: Mortgage Loan Originator Rules

Did you know that human resources officers need to be educated on 2013 amendments to Regulation Z that were necessitated by changes in the Dodd-Frank Act to the Truth in lending Act (“TILA”)? In January, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule regarding mortgage loan originator compensation, and then, at the end […]

CFPB Endorses Uniform State Test for SAFE Act Mortgage Loan Originators

The Consumer Financial Protection Bureau (“CFPB”) issued guidance on May 20, 2013 that validates the use of a Uniform State Test, instead of requiring originators to pass a separate examination in each state in which they wish to be licensed. Under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), mortgage […]

CFPB Issues a 279-Page Amendment to Reg Z Only 4 Months After Final Rule

In January, the Consumer Financial Protection Bureau (“CFPB”) bombarded financial institutions with final rules enacting portions of the Dodd-Frank Act, including updated versions of Regulation X and Regulation Z. Last week, the CFPB issued lengthy amendments to the updated Regulation Z that will require financial institutions to revamp efforts to implement regulatory changes associated with […]

CFPB shuts down Florida debt-relief company using enforcement powers

Last week, the Consumer Financial Protection Bureau (“CFPB”) announced it had filed a Complaint against a Florida debt-relief company that misled consumers across the country and charged illegal fees for their services. The CFPB investigated American Debt Settlement Solutions, Inc. (“ADSS”) and its owner, and found that that ADSS routinely charged illegal upfront fees for […]