Bureau renewing info collections related to mortgages, consumer leasing

Four information collections under rules of the Bureau of Consumer Financial Protection (BCFP, formerly known as CFPB) are up for revision, without any change, according to the bureau, which says it’s accepting public comments on all four until Nov. 5. The notices relate to record-keeping regarding mortgage-related and consumer leasing activities by “businesses and other for-profit entities.”

All four notices are in Wednesday’s Federal Register. Here are excerpts (with slight edits) from all four notices:

  • Mortgage Acts and Practices (Regulation N): Reg N (12 CFR 1014) prohibits misrepresentations about the terms of mortgage credit products in commercial communications and requires that covered persons keep certain related records for a period of twenty-four (24) months from last dissemination. The information that Reg N requires covered persons to retain is necessary to ensure efficient and effective law enforcement to address deceptive practices that occur in the mortgage advertising area. Link to notice
  • Mortgage Assistance Relief Services (Regulation O): Required disclosures under Reg O assist prospective purchasers of mortgage assistance relief services (MARS) in  making well-informed decisions and avoiding deceptive and unfair acts and practices. The information retained under Reg O’s recordkeeping requirements is used by the bureau and the Federal Trade Commission (FTC) for enforcement purposes and to ensure MARS providers are complying with Reg O. The information is requested only on a case-by-case basis. Link to notice
  • Registration of Mortgage Loan Originators (Regulation G): Reg G (12 CFR 1007) implements the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) federal registration requirement with respect to any covered financial institutions and their employees who act as residential mortgage loan originators (MLOs). Those covered are required to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, maintain this registration, and disclose to consumers the unique identifier. The rule also requires covered financial institutions employing these MLOs to adopt and follow written policies and procedures to ensure their employees comply with these requirements and to disclose the unique identifiers of their MLOs. Link to notice
  • Consumer Leasing Act (Regulation M): Consumers rely on disclosures required by the Consumer Leasing Act (CLA, 15 U.S.C. 1667 et seq.) and Reg M (12 CFR 1013) for information to comparison shop among leases, as well as to ascertain the true costs and terms of lease offers. Federal and state enforcement and private litigants use the records to ascertain whether accurate and complete disclosures of the cost of leases have been provided to consumers prior to consummation of the lease. This information provides the primary evidence of law violations in CLA enforcement actions brought by federal agencies. Without Reg M’s recordkeeping requirement, the agencies’ ability to enforce the CLA would be significantly impaired. Link to notice

Regulation N: Notice and Request for Comments

Regulation O: Notice and request for comment

Regulation G: Notice and request for comment

Regulation M: Notice and request for comment