The CFPB Finally Closes the TRID Rule’s Black Hole

On April 26, 2018, the CFPB issued a final rule amending the provisions applicable to providing revised disclosures for the purpose of resetting tolerances applicable for determination of good faith estimation of closing costs under TILA-RESPA Integrated Disclosure rule that came into effect on October 3, 2015, aka Know Before…

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CFPB Issues a Final Rule Replacing the Single-Billing-Cycle Exemption With a Single-Statement Exemption Easing…

On March 8, 2018, the CFPB issued a final rule amending the provisions of Regulation Z mortgage servicing rules, issued August 4, 2016 (“2016 Servicing Rule”), by replacing the single-billing-cycle exemption in the 2016 Servicing Rule with a single-statement exemption that would apply regardless of when in the billing cycle…

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In re PHH Saga: En Banc DC Court of Appeals Restores Favorable RESPA Decision…

On January 31, 2018, the full Court of Appeals for the DC Circuit issued its awaited decision in PHH Corporation, et al v. CFPB. The majority of the court’s ruling focused primarily on the issue of constitutionality of the CFPB structure, finding it to be constitutional. Nevertheless, as explained below,…

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CFPB Will Not Assess Penalties Related to 2018 HMDA Data Errors

On December 21, 2017, the CFPB announced that it does not intend to require Home Mortgage Disclosure Act (“HMDA”) data resubmission unless data errors are material or assess penalties with respect to errors in HMDA data collected as of January 1, 2018 and reported in 2019. According to the statement…

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FDIC Issues a Statement Concerning Banks Good Faith HMDA Compliance Efforts

On December 21, 2017, the FDIC issued a statement, FIL 63-2017, addressing bankers concerns over regulatory enforcement liability in connection with banks’ compliance with the Home Mortgage Disclosure Act (“HMDA”) and its amended Regulation C, which new requirements are scheduled to come in effect for the majority of financial institutions…

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IDFPR Amends Regulations Implementing the Illinois Residential Mortgage License Act of 1987

The Illinois Department of Professional and Financial Regulation (“IDFPR”) adopted amendments to the regulation implementing the Residential Mortgage License Act of 1987 (“RMLA”). The amendments became effective on October 6, 2017. The amendments were adopted to remove conflicting and outdated provisions in the regulations given the federal Consumer Financial Protection…

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CFPB Makes New HMDA Platform Available for Testing Prior to Start of HMDA Filing…

On October 20, 2017, the CFPB announced that it will allow lenders access this fall of 2017 to the new HMDA Platform for testing in preparation for the new HMDA reporting requirements. Testing will allow lenders to experience the new HMDA Platform’s functionality, explore its features and user interface. The…

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CFPB Proposes To Replace The Single-Billing-Cycle Exemption With A Single-Statement Exemption To Ease Timing…

On October 4, 2017, the CFPB issued a proposed rule to amend the provisions of Regulation Z mortgage servicing rules, issued August 4, 2016 (“2016 Servicing Rule”), by replacing the single-billing-cycle exemption in the 2016 Servicing Rule with a single-statement exemption that would apply regardless of when in the billing…

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CFPB Expands the Timeframe to Provide Subsequent Early Intervention Notice to Borrowers Who Requested…

On October 4, 2017, the CFPB issued an interim final rule amending the provisions of Regulation X mortgage servicing rules, issued August 4, 2016 (“2016 Servicing Rule”), that specify the timing for servicers to provide subsequent written early intervention notice to borrowers who have invoked their cease communication rights under the…

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CFPB Issues A New Rule Providing Flexibility in Collecting ECOA Government Monitoring Information

On September 20, 2017, the CFPB issued a final rule amending Regulation B, which implements the Equal Credit Opportunity Act (“ECOA”). The amendment provides creditors flexibility in complying with requirement of collecting government monitoring information under Regulation B. It ensures consistency with the amendments to Regulation C, which implements Home Mortgage…

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