Category Consumer Financial Protection Bureau

DC Federal Appeals Court Grants CFPB’s Request for a Hearing Before the Full Court

While the Trump administration looks to pass legislation aimed at Dodd-Frank and the Consumer Financial Protection Bureau (“CFPB”), a lawsuit involving the extent of the CFPB’s authority and whether it can impose a $109 million penalty on a group of companies is continuing to be fought in a D.C. courtroom. In June 2015, PHH Corporation […]

CFPB Treasure Trove of Answers to Questions Regarding TRID

As institutions continue to work through integration of the TILA-RESPA Integrated Disclosure (“TRID”) and face questions regarding its application and unique factual scenarios, they should be aware of a resource the CFPB has compiled. Over the last 10 months, the Federal Reserve Board has hosted several webinars, all of which are available on the Internet. […]

CFPB Issues Adjustments of Certain Thresholds and Penalties

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act (“TILA”), effective January 1, 2017. In addition, the CFPB corrected a calculation error pertaining to the 2016 subsequent violation penalty safe harbor fee. Specifically, the CFPB’s action adjusted the dollar amounts […]

Additional Mortgage Rule Implementation Resources for Lenders

The Consumer Financial Protection Bureau (“CFPB”) has issued additional resources related to the CFPB’s mortgage servicing rules. The first, a fact sheet, summarizes key issues for small creditors operating in a rural or underserved area. This fact sheet includes information related to verifying small creditors’ official designation under the mortgage servicing rules. This document also […]

TRID – Impressions and Updates So Far

Although we are still only a few months into the sea change in residential real estate closing documentation, the general consensus is that implementation of the TILA–RESPA Integrated Disclosure (“TRID”) has been relatively smooth. The deadline for implementation was extended following months of preparation and educational steps for realtors, brokers, and lenders; therefore, most industry […]

Guidance on Construction Loan TRID Application

A common issue for lenders following implementation of the TILA-RESPA Integrated Disclosure (“TRID”) Rule has been the context of construction loans. With the economy recovering in many parts of the country, construction is moving forward at a more rapid pace, and construction loans are more frequently issued than in years past. The Consumer Financial Protection […]

CFPB Updates Rule Implementing HMDA Changes

Earlier this month, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule changing Regulation C, which implements the Home Mortgage Disclosure Act (“HMDA”). If you are not aware, HMDA requires certain institutions to collect and disclose information about their mortgage lending activity. The final rule seeks to streamline certain existing requirements while also expanding […]

CFPB Expands QM Relief to Small Lenders and for Rural Loans

In a final rule issued this week, the Consumer Financial Protection Bureau (“CFPB”) expanded the exemptions for smaller financial institutions contained in Regulation Z, which implements the Truth-in-Lending Act (“TILA”). This will positively impact community banks and credit unions. The most important change increased the small creditor exemption within the qualified mortgage (“QM”) rules from 500 […]

CFPB Monthly Complaint Report Focused on Credit Reporting

The Consumer Financial Protection Bureau (“CFPB”) has engaged in much publicized efforts to gather consumer complaints against financial services providers and make the contents available for all to see. The database has grown, and consumer narratives have been made available to the public in recent months. The CFPB is issuing a monthly report based on […]

CFPB Officially Moves TRID Rule Deadline to October 3

Following a series of moves to push back the effective date of the TILA RESPA Integrated Disclosure (“TRID”) Rule, the Consumer Financial Protection Bureau (“CFPB”) has now officially delayed implementation until October 3, 2015 (from August 1, 2015). As previously referenced on this blog, the effective date falls on a Saturday, which the CFPB selected […]