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Recent Updates
- CFPB and State Regulators Announce Non-Binding Framework for Supervision and Enforcement Coordination-- Can CFPB Deliver On Promise To Reduce Regulatory Burdens?
- Reid Puts Off Cordray Nomination Vote Until Late Summer--Is He Arming The Nuclear Option?
- Senate Vote on Cordray Nomination Expected Next Week: Anyone Holding Their Breath?
- Get Out the Popcorn (and an Energy Drink): The CFPB Releases Videos On New Mortgage Rules
- CFPB Proposes Delay in Implementing Rule Against Financing of Certain Credit Insurance on Mortgage Loans
- Just-Issued Final Remittance Rule Suggests CFPB is Listening… Sort Of
- FHFA Limits Fannie and Freddie to “Qualified Loans”: Another Strike Against Non-Qualified Loans and the Consumers Who Rely on Them
- CFPB Publishes Small Entity Compliance Guides for New HOEPA, ECOA, and TILA Rules- Institutions of All Sizes Should Take Notice
- CFPB Probes Auto Lenders Over Extended Warranty And Other Ancillary Products
- CFPB Hosting Student Loan Hearing: New Rules On The Way???
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Showing 6 posts by Donald C. Lampe.
CFPB and State Regulators Announce Non-Binding Framework for Supervision and Enforcement Coordination-- Can CFPB Deliver On Promise To Reduce Regulatory Burdens?
Over two years ago, the CFPB and the Conference of State Bank Supervisors (CSBS) signed a memorandum of understanding to “establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services.” Now, the parties have an official “framework” for coordinating their supervisory and enforcement efforts “in situations where the CFPB and state regulators share concurrent supervisory jurisdiction.” CFPB Director Cordray announced that “[b]y working together, we are streamlining our processes, making the most of our joint resources, and ensuring evenhanded oversight of federal consumer financial laws.” This coordination of supervisory activities was mandated by the Dodd-Frank Act and, according to the CFPB, the announced framework “facilitates the implementation of this statutory requirement by providing a guide for flexible and dynamic regulatory coordination that both protects consumers and reduces regulatory burden on industry.” Read More ›
CFPB Issues New National Mortgage Servicing Rules
Today, the Consumer Financial Protection Bureau (CFPB) issued the expected mortgage servicing final rules. At over 1,000 pages, the final rules will amend the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X). Consistent with the Bureau’s proposal, the rules cover nine major topics and implement the mortgage servicing provisions of Title XIV of the Dodd-Frank Act. The rules, which will take effect on January 10, 2014, directly implement Congressionally-mandated servicing reforms but also include a host of required loss mitigation rules and processes. The CFPB promulgated these latter rules by way of its general rulemaking authority under RESPA provided in the Dodd-Frank Act, not pursuant to specific Dodd-Frank statutory provisions. In prepared remarks for today’s field hearing in Atlanta, CFPB Director Cordray emphasized that these new rules are not only mandatory for mortgage servicers (with limited exceptions for smaller servicers), but “are backed by the full supervisory and enforcement authority that Congress has conferred upon [the CFPB].” Read More ›
Disclosures to CFPB Finally Receive Privacy Protections: Senate Passes CFPB Privilege Bill by Unanimous Consent and Bill Heads to President for Signature
Yesterday (12/11/12), the U.S. Senate unanimously passed legislation ensuring that privileged information provided to the CFPB will remain confidential. This legislation, which President Obama is expected to sign, ends months of uncertainty regarding the disclosure of privileged and confidential information to the CFPB. The legislation amends sections 1828(x) and 1821(t) of the Federal Deposit Insurance Act (FDIA) (12 U.S.C. 1811 et seq.) to include the CFPB among the enumerated federal banking agencies covered by the FDIA’s protections. Section 1828(x) provides that the “submission by any person of any information to any Federal banking agency . . . for any purpose in the course of any supervisory or regulatory process . . . shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim.” Section 1821(t) protects the privileged status of confidential information if it is provided to another “covered” federal agency. This legislative fix was required because the Dodd-Frank Act “inadvertently” did not include the CFPB in the enumerated federal agencies covered by the FDIA. Read More ›
CFPB Creates New Medium for Data Collection: Will New Data-Driven Enforcement Follow Far Behind?
On November 14, 2012, the CFPB launched Project Catalyst, which the CFPB characterized as “an initiative designed to encourage consumer-friendly innovation and entrepreneurship in markets for consumer financial products and services.” Through Project Catalyst, the CFPB is calling on innovators and entrepreneurs to help the CFPB by: (i) assisting the CFPB in “improving” financial regulation to “better foster consumer-friendly innovation;” and (ii) developing/launching new consumer-friendly financial products or services. The Bureau claims to have initiated Project Catalyst in an effort to fulfill its Dodd-Frank mandate to increase transparency and innovation in financial products and services. The CFPB, however, may have other motives in establishing this program. Read More ›
CFPB Confidentiality Bill Blocked In The Senate
The Wall Street Journal is reporting that two unnamed GOP senators are blocking a vote on a bi-partisan bill that would protect privileged information provided to the CFPB by financial institutions. An identical version of the bill recently passed in the Republican controlled House of Representatives on a voice vote. The Senate had hoped to pass the same bill this week without a roll-call vote. The unnamed senators are purportedly blocking the bill because they want to be able to offer amendments to change the Dodd-Frank Act. Read More ›
CFPB To Consider Relaxing Loan Officer Compensation Rules
It appears that the Federal Reserve Board’s loan originator compensation rules, which went into effect on April 6, 2011, are going to be revised—and possibly relaxed—by the CFPB in the near future. CFPB Director Richard Cordray told the House Committee on Financial Services that the CFPB is re-examining the controversial rules and hoped to have new rules in place by January 2013. Cordray also noted that the agency would consider changing the rules to allow a loan originator to reduce her/his compensation to help reduce a borrower’s closing costs. Peter Carroll, the head of the CFPB's Office of Mortgage Markets, also recently told an audience at a Women in Housing and Finance symposium that the agency is “re-visiting some of the issues around that rulemaking as well as other items that were given to us in the Dodd-Frank Act . . . and hopefully will have a proposed rule soon.” Read More ›