Category Regulation Z

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 […]

CFPB Provides Expansion of Rural and Underserved Provisions of Mortgage Rules

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued an interim final rule (“Rule”) that expanded “qualified mortgage” coverage in rural or underserved areas. Specifically, the Rule amends certain provisions of Regulation Z, the implementing regulations of the Truth-in-Lending Act. The updates concern two issues. First, the Rule expands the eligibility of certain small creditors operating […]