Tag : Regulatory Updates

CFPB Announces Future ANPR on Consumer Financial Access Rights Under Dodd-Frank

On July 24th, the Consumer Financial Protection Bureau (CFPB) announced plans to issue an advance notice of proposed rulemaking (ANPR) later this year implementing a section of the 2010 Dodd-Frank Act (Dodd-Frank) regarding consumer access to financial records held by, among others, residential mortgage lenders.

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CFPB Files Discrimination Suit Against Non-Bank Lender

On July 15th, the Consumer Financial Protection Bureau (CFPB) filed suit against a non-bank lender based in Chicago, alleging violations of the Equal Credit Opportunity Act (ECOA); its implementing regulation, Regulation B; and the Consumer Financial Protection Act (CFPA).

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CFPB Announces Proposed Rulemaking on GSE Patch

On June 22nd, the Consumer Financial Protection Bureau (CFPB) announced two separate notices of proposed rulemaking (NPRM) to address the coming expiration of TILA qualified mortgage (QM) status for the ‘GSE Patch,’ meaning loans acceptable for sale to government-sponsored entities (GSEs).

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CFPB Releases Revised ECOA Valuations Rule Factsheets

The Consumer Financial Protection Bureau (CFPB) recently published two Factsheets, available below, outlining lender obligations under the Equal Credit Opportunity Act (ECOA) Valuations Rule.

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MISMO Announces Certification Program for Remote Online Notarization

On April 22nd, the Mortgage Industry Standards Maintenance Organization (MISMO) announced a certification program for remote online notarization (RON) providers, designed to increase adoption of RON-enabled digital mortgage closings.

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CFPB Issues Request for Information to Assist Consumer Financial Protection Law Taskforce

Several months ago, we reported on the CFPB’s establishment of a taskforce that would make recommendations on how to harmonize, modernize and update federal consumer financial laws.

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CFPB Issues Final Rule Raising Data Reporting Thresholds Under HMDA

On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).

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Fannie Mae and Freddie Mac Address Transition from LIBOR to SOFR

The Federal Housing Finance Agency announced the process by which Fannie Mae and Freddie Mac (GSEs) plan to transition from the use of LIBOR (London Interbank Offered Rate) to SOFR (Secured Overnight Financing Rate) as the standard index rate for...

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Mortgage Broker and FTC Settle Over Yelp Reviews

On January 7th, the FTC, acting in a complaint filed by the Department of Justice, alleged that a California mortgage broker violated federal law by posting its borrowers’ personal financial information on Yelp.

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CFPB Publishes 2020 Rulemaking Agenda

On November 22, the CFPB released its list of regulatory matters that it “reasonably anticipates having under consideration during the period from October 1, 2019 to September 30, 2020.”

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