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,…
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…
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…
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 The amendments were adopted to remove conflicting and outdated provisions in the regulations given the federal Consumer Financial Protection…
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…
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…
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…
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…
On August 24, 2017, the CFPB issued a new rule amending the October 2015 final rule amending Regulation C, which implemented the Dodd-Frank Act amendments to HDMA, due largely to become effective on January 1, 2018 (“2015 HMDA Rule”). The new rule temporarily increases the institutional and transactional coverage threshold…
The CFPB has announced the launch of a new web form to replace the email address, CFPB_RegInquiries @cfpb.gov, used by the mortgage industry to submit questions to the CFPB concerning CFPB regulations. Going forward, mortgage industry questions concerning CFPB regulations should be submitted using the new form, located on the CFPB’s website at: https://reginquiries.consumerfinance.gov.