CFPB

The Consumer Financial Protection Bureau (“CFPB”) is finally prepared to begin writing regulations implementing Section 1071 of the Dodd-Frank Act, which could usher in a new regulatory chapter for small business lenders and result in significant new reporting requirements, fair lending examinations and possible enforcement actions. To read a more in-depth summary of these proposed …

Section 1071 of the Dodd-Frank Act: A New Regulatory Chapter for Lenders Read More »

With certain exceptions, the Ability to Repay/Qualified Mortgage Rule (“Rule”) requires lenders to make a reasonable, good faith determination of a consumer’s ability to repay a residential mortgage loan and provides certain protections from liability for residential mortgage loans that meet the Rule’s requirements for “qualified mortgages” or “QMs.” A lender that makes a QM …

Three Proposed Rules to Amend the CFPB’s Ability to Repay Rule Read More »

The CFPB issued a final rule on April 16 that raised the permanent HMDA coverage thresholds for collecting and reporting data. 2015 HMDA Rule – Permanent Thresholds HMDA requires some lenders to collect, report, and disclose information about their mortgage lending activity. In 2015, the CFPB set HMDA coverage thresholds for closed-end loans and open-end …

CFPB Issues Final Ruling to Raise Permanent HMDA Coverage Thresholds Read More »

Last May, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule package that included temporary thresholds for collecting and reporting data on open-end lines of credit under HMDA. The rule also clarified partial exemptions for lenders from some HMDA requirements that were added by Congress into the Economic Growth, Regulatory Relief, and Consumer Protection …

CFPB Issues Final Rule Loosening HMDA Requirements Read More »

CFPB-Proposes-Changes-to-HMDA-Reporting-Requirements-That-Will-Benefit-Lenders

Last year, the Consumer Financial Protection Bureau (“CFPB”) made changes to the data collection and reporting rules under the Home Mortgage Disclosure Act (“HMDA”). The new policy exempts insured depository institutions and credit unions from certain HMDA requirements if they originated less than 500 closed-end home mortgages or 500 open-ended lines of credit per year, …

CFPB Proposes Changes to HMDA Reporting Requirements That Will Benefit Lenders Read More »

By an extremely close 50-49 vote by the Senate, Kathleen Kraninger became the new director of the Consumer Financial Protection Bureau (“CFPB”), a federal agency created in 2011 as part of the Dodd-Frank Wall Street reform to supervise and enforce federal laws relating to consumer financial products and services. CFPB Director is historically a powerful …

A New CFPB Director Takes the Reins: What Does it Mean for You? Read More »

The Consumer Financial Protection Bureau (CFPB) recently announced it would be adjusting its mortgage servicing rules to assist providers in communicating with specific customers either entering or exiting bankruptcy. The agency issued a final rule only a day after requesting feedback on the Bureau’s overall rulemaking procedure. The newly implemented rule changes the window of …

CFPB Updates Mortgage Guidelines Read More »