The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline.
On January 17, the final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing were issued. The servicing rules will take effect on January 10, 2014. … Continue Reading
Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the CFPB’s development of financial education initiatives. According to the CFPB’s notice, the collection “will focus on identifying financial education and empowerment strategies, practices, and experiences that inform or improve consumer financial decision-making.” … Continue Reading
Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans.
The final mortgage escrow account rule implements a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced mortgage loans.… Continue Reading
The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013. The information in the CFPB’s notice is described as current as of November 30, 2012.
The agenda identifies six matters that are in the “final rule stage.”… Continue Reading
On January 10, 2013, the CFPB issued the long-awaited ability to repay/qualified mortgage rule and, while the devil will be in the details, it appears that cautious optimism for the mortgage industry is warranted. The industry fought hard for the creation of a safe harbor for qualified mortgages and the rule includes a safe harbor for lower-priced qualified mortgages.… Continue Reading
We blogged recently about H.R. 4014, which President Obama signed into law near the end of 2012. The law identifies the CFPB as a regulator to whom a regulated entity may submit privileged information without waiving any state or federal law privilege and provides that the CFPB may share privileged information of a regulated entity with other federal agencies without waiver of any state or federal law privilege. … Continue Reading
Yet another panel discussion at the ABA Consumer Financial Services Committee just held in Naples, Florida, entitled “Preparing for CFPB Exams and Enforcement” involved two speakers from the CFPB: Kristen Donaghue, a lawyer in the Office of Enforcement, and Calvin Hagins, Assistant Regional Director, Southwest Region.
Ms. Donaghue described the CFPB enforcement actions and investigations that were already a matter of public record.… Continue Reading
Earlier today, we reported on the panel discussion of the lawsuit filed by State National Bank of Big Spring that took place at the ABA Committee on Consumer Financial Services in Naples, Florida during a session entitled “State National Bank of Big Spring, et al. v. Geithner, et al. – Is the CFPB Constitutional?” … Continue Reading
The programming at the ABA Consumer Financial Services Committee meeting included an excellent panel discussion addressing whether the creation of the CFPB and the appointment of Director Richard Cordray were Constitutional. Currently pending in federal district court, a lawsuit filed by State National Bank of Big Spring against the CFPB, the Department of Treasury, Richard Cordray, and a number of other federal officials alleges that the formation and operation of the CFPB violate the Separation of Powers Doctrine. … Continue Reading
During one of the panel discussions at the ABA Consumer Financial Services Committee meeting, a speaker indicated that the newly elected Mayor of Mt. Holly, NJ has publicly stated that he is interested in settling the case now pending before the U. S. Supreme Court. As we previously reported, a cert petition is pending before the Court which once again tees up the question of whether a Fair Housing Act violation can be established through evidence of disparate impact on a protected class.… Continue Reading