As previously reported, in June 2021 the CFPB announced that it would conduct a voluntary review of the significant amendments to the Home Mortgage Disclosure Act (HMDA) rule adopted in October 2015, most of which became effective in January 2018. The CFPB also announced at the time that it was discontinuing planned HMDA rulemakings, one addressing the data points that must be collected and reported and one addressing the public disclosure of HMDA data. … Continue Reading
The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI) Comments on the RFI will be due 60 days after publication in the Federal Register.
In the release announcing the RFI, the CFPB states that the RFI “is an example of the CFPB’s new approach to promoting competition and new products.”… Continue Reading
The results of a recent poll on buy-now-pay-later (BNPL) conducted on behalf of the Financial Technology Association (FTA) indicate that BNPL products are viewed favorably by a strong majority of adults who have used BNPL. The poll was conducted through online interviews of a sample of 2210 adults and the data were weighted to approximate a target sample of adults based on gender, age, race, educational attainment, and region. … Continue Reading
The U.S. Department of Treasury recently issued the long-awaited Housing Reform Plan, and among various topics the Plan addresses the temporary qualified mortgage under the Regulation Z ability-to-repay rule for loans that are eligible for sale to Fannie Mae or Freddie Mac (the GSEs). The Department concurs with the position of the CFPB, set forth in its outstanding advance notice of proposed rulemaking on the ability-to-repay rule, that the temporary qualified mortgage, often referred to as the GSE patch, should expire as scheduled on January 10, 2021, or after a short extension of the sunset date.… Continue Reading
As previously reported, in May 2019 the CFPB issued both a proposal to modify the Home Mortgage Disclosure Act (HMDA) rule, and an advance notice of proposed rulemaking seeking comment on three specific aspects of the HMDA rule:
- The new data points added by the CFPB based on discretionary authority.
As previously reported, in May 2019 the CFPB issued both a proposed rule to modify the existing Home Mortgage Disclosure Act (HMDA) rule and an advance notice of proposed rulemaking seeking comment on additional potential changes to the rule. The drafts of the items indicate a 30 day comment period for the proposed rule and 60 day comment period for the advance notice of proposed rulemaking.… Continue Reading
The CFPB recently issued both a proposed Home Mortgage Disclosure Act (HMDA) rule and an advance notice of proposed HMDA rulemaking. The CFPB also issued a summary that mainly focuses on the proposed rule, as well as an unofficial redline of how the proposed rule would amend the HMDA rule, known as Regulation C. … Continue Reading
As we stated in Monday’s blog, the purpose of the CFPB’s Town Hall taking place on May 8 in Philadelphia will likely be to announce the notice of proposed debt collection rulemaking. It has been announced by ACA International that CEO, Mark Neeb, has been invited to participate in the Town Hall. … Continue Reading
Earlier today, the Bureau of Consumer Financial Protection released a Public Statement Regarding Payday Rule Reconsideration and Delay of Compliance Date. Echoing rumors that have been circulating in the industry for several weeks (which we had agreed not to address in our blog), the Statement reads in full as follows:
The Bureau expects to issue proposed rules in January 2019 that will reconsider the Bureau’s rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule’s compliance date.… Continue Reading
On September 19, 2018, the Georgia based Cooperative Baptist Fellowship (the “Fellowship”) filed a motion to intervene as a defendant in a case filed by the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas challenging the CFPB’s Payday Rule. The lawsuit was filed in April 2018 claiming, among other things, that the CFPB did not follow proper procedure in issuing the Payday Rule; that the CFPB improperly deemed certain lending practices unfair and abusive; that the CFPB’s authority to address unfair and abusive practices is unconstitutional; and that the CFPB’s structure is unconstitutional.… Continue Reading