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The CFPB recently released a regulatory and reporting overview reference chart for Home Mortgage Disclosure Act (HMDA) data to be collected in 2021. The CFPB notes that the chart is intended to be used as a reference tool for data points required to be collected, recorded, and reported under the HMDA rules, set forth in…

The CFPB recently issued Frequently Asked Questions (FAQs) addressing the referral fee and fee splitting prohibitions under Section 8 of the Real Estate Settlement Procedures Act (RESPA). The CFPB also rescinded its Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements.

As previously reported, Bulletin 2015-05 is a good example of the…

On August 21, 2020, the CFPB announced the release of the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. The CFPB also announced the release of the Supplemental Guide for Quarterly Filers that also applies to 2021 data. HMDA requires the quarterly…

In an order issued August 12, 2020, the United States District Court for the District of Colorado relied on the OCC’s “Madden fix” rule  to hold that, under Section 27 of the Federal Deposit Insurance Act, 12 U.S.C. § 1831d, a promissory note with an interest rate that was valid when made remains valid…

The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation developed in connection with an application for a first lien mortgage loan to be secured by a dwelling (ECOA Valuations Rule).…

The CFPB recently published ten new TRID FAQs related to lender credits.

Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z that address the disclosure and treatment of lender credits. However,…

Last week, the CFPB Ombudsman’s Office released its eighth annual report covering the Office’s activities during fiscal year 2019.  The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB.

In the annual…

Although it will not be published in time for holiday gift giving, pre-orders are being taken for a new book written by former CFPB Director Richard Cordray.  The book, to be published by Oxford University Press, is titled “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy” and includes a…