The Consumer Financial Protection Bureau (CFPB) published a Special Edition of Supervisory Highlights to share its observations in its prioritized assessment supervisory work conducted last year after the sudden onset of the COVID-19 pandemic. These assessments focused on assessing risks to consumers resulting from the pandemic. In May of 2020, the CPFB rescheduled about half of…
read article →Following the onset of the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) issued a number of policy statements to provide temporary flexibilities and guidance for financial institutions in consumer financial markets, including mortgages, credit cards, credit reporting and prepaid cards, on complying with their legal and regulatory obligations. Effective April 1, 2021, the CFPB…
read article →In June, the Consumer Financial Protection Bureau (CFPB) announced that it had updated the Consumer Handbook on Adjustable Rate Mortgages booklet, also known as the CHARM booklet, which is required under the Real Estate Settlement Procedures Act and the Truth-in-Lending Act . (The requirement to provide the booklet is found under Regulation Z, 12 CFR…
read article →On September 15, 2020, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for the implementation of Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. Section 1071 requires financial institutions to collect certain data regarding applications for credit for women-owned, minority-owned, and…
read article →On May 8, 2020, the Bureau of Consumer Financial Protection (Bureau) issued its eighth Fair Lending Report of the Bureau of Consumer Financial Protection. This report describes fair lending activities in innovation, outreach, prioritization, guidance and rule-making, supervision, and enforcement for calendar year 2019. Among other things, the report discusses: • No-Action Letters that the…
read article →On May 12, 2020 (85 FR 28364), the Bureau of Consumer Financial Protection (CFPB) published a final rule to amend Regulation C, the regulation that implements the Home Mortgage Disclosure Act (12 CFR 1003), by: Increasing the threshold for reporting data about closed-end mortgage loans, so that institutions originating fewer than 100 closed-end mortgage loans…
read article →The CFPB has issued an interpretive rule to provide guidance to creditors and other covered persons involved in the mortgage origination process. The Bureau understands the COVID-19 pandemic could pose temporary business disruptions and challenges for covered persons that are involved in the mortgage origination process, including creditors, loan originators, settlement agents, and other parties…
read article →The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth-In-Lending Act (Regulation Z) Rule and certain amendments. The Bureau is requesting public comment on its plans for assessing this rule, as well as certain recommendations and information…
read article →On July 25, 2019, the Consumer Financial Protection Bureau (Bureau) issued an Advance Notice of Proposed Rulemaking seeking information relating to the expiration of the temporary qualified mortgage provision applicable to certain mortgage loans eligible for purchase or guarantee by the Government Sponsored Enterprises (GSEs), Fannie Mae, and Freddie Mac, in the Bureau’s Ability to…
read article →The Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (FRB) jointly published amendments to Regulation CC on June 24, 2019, including amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), which include extending coverage of the EFA Act to American Samoa, the Commonwealth of the Northern Mariana Islands, and…
read article →On May 31, 2019, the CFPB released two new frequently asked questions (FAQs) to address the application of the TILA-RESPA Integrated Disclosure (TRID) rules to consumer construction loans. FAQ #1: Are construction-only loans or construction-permanent loans covered by the TRID Rule? Yes. Generally, a loan, including a construction-only and construction-permanent loan, is covered under TRID if…
read article →The Consumer Financial Protection Bureau’s (CFPB) “Prepaid Rule,” originally introduced in October of 2016, went into effect on April 1, 2019. This Rule establishes consumer protections for certain prepaid financial products through amendments to both Regulation E and Regulation Z. “Prepaid accounts” warranting new protections include payroll card accounts, government benefit accounts, and certain accounts that…
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