CFPB – Regulatory Report

What's up

[ July 7, 2020 ] Agency names deputy CIO; still has not named new chief innovation officer FDIC
[ July 6, 2020 ] Fed’s Main Street Lending Program now ‘fully operational,’ ready to purchase loan participations COVID-19 actions
[ July 6, 2020 ] Liquidity facility for credit unions balloons to $25.8 billion – up $15.3 billion COVID-19 actions
[ July 6, 2020 ] NCUA OIG: Asset management center’s liquidation process adequate to protect personally identifiable info NCUA
[ July 6, 2020 ] Not nice: Man charged with stealing more than $123 million from failed bank, allegedly with help from its officers FDIC

Higher-Priced Mortgage Loan Escrow Exemption (Regulation Z)

July 6, 2020 0

Title: Higher-Priced Mortgage Loan Escrow Exemption (Regulation Z) Subject: Regulation Z, mortgage lending Agency: CFPB Status: Notice of proposed rule making (NPRM) Summary: The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation […]

Bureau’s spring agenda includes proposals under ECOA, HMDA data points, debt collection

July 2, 2020 0

Business lending data collection, Home Mortgage Disclosure Act data points, debt collection, and more are yet to come under the current rulemaking agenda of the Consumer Financial Protection Bureau (CFPB). The agenda is the bureau’s […]

Proposal would exempt many banks, credit unions from escrow requirements for higher-priced mortgage loans

July 2, 2020 0

Financial institutions with assets of $10 billion or less and that originate 1,000 or fewer mortgage loans would be exempted from a requirement to establish escrow accounts for certain higher-priced mortgage loans (HMPL), under a […]

Virtual ‘Office Hours’ to be held jointly by OCC, CFPB in late July

July 2, 2020 0

A virtual “Innovation Office Hours” giving participants an opportunity to discuss with regulators issues that touch on consumer protection and prudential regulation will be hosted jointly July 29-30 by the Consumer Financial Protection Bureau (CFPB) […]

Supervision ramping up as agencies evaluate institutions for LIBOR transition preparedness, plans

July 1, 2020 0

Federal and state regulators on Wednesday urged financial institutions to continue working to transition away from using LIBOR (the London Interbank Offered Rate) as a reference rate in any products, and they said supervision of […]

Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA) (Regulation X)

June 30, 2020 0

Title: Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA) (Regulation X) Subject: RESPA; loss mitigation Agency: CFPB Status: Interim final rule Summary: The Bureau of Consumer Financial […]

High court ruling allowing president to fire CFPB director ‘at will’ has no impact on agency rules, Kraninger says

June 29, 2020 0

A Supreme Court ruling Monday that lets the federal consumer financial protection agency continue in operation – but finds that the president may remove its director at will – means that the agency’s rules continue to govern […]

CFPB’s tech sprints will focus on consumer disclosures, HMDA file prep and data submission

June 29, 2020 0

A series of three “tech sprints” – one held this October, and two more slated for March 2021 – will focus on how to improve consumer disclosures, preparing files for Home Mortgage Disclosure Act (HMDA) […]

Firms slapped with fines for telling consumers they are on their own for resolving consumer report errors

June 24, 2020 0

Two companies engaged in contracts for deeds have settled charges that they misrepresented procedures to customers for filing complaints about how to resolve errors on consumer reports, the federal consumer financial protection agency said Tuesday. […]

CFPB says interim rule makes clear when servicers can provide pandemic-related relief based on limited info

June 23, 2020 0

An interim final rule that gives the green light to mortgage servicers providing forbearance relief to home owners facing hardship due to the coronavirus (COVID-19) pandemic, and allowing this based on limited information collected from […]

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