The Consumer Financial Protection Bureau plans to delay the compliance date for a provision of its loan originator compensation final rule that prohibits creditors from financing premiums for credit insurance products in connection with certain consumer credit transactions secured by a dwelling. While most of the loan originator compensation rule will take effect in January 2014, the ban related to financing credit insurance would have taken effect on June 1.

The Consumer Financial Protection Bureau released final rules governing a Dodd-Frank mandated penalty fund used to pay consumers who fall victim to law breaking companies. Money from the fund will also be used to promote consumer education and financial literacy programs. The bureau also released on proposal seeking comments on possible revisions, adjustments or refinements to the final rule. 

The Consumer Financial Protection Bureau plans to make changes to two major mortgage rulemakings finalized earlier this year. Proposed amendments, released by the bureau on April 19, 2013, seek to address questions related to the mortgage servicing rules and the ability-to-repay/qualified mortgage rule.

The Consumer Financial Protection Bureau proposed “clarifying and technical amendments” to its new escrow rule that is currently scheduled to take effect in June. The modifications would ensure that certain ability-to-repay provisions related to higher priced mortgage loans remain in effect until the CFPB’s new ability-to-repay/qualified mortgage final rule becomes effective next year. The proposal also clarifies the determination method for the bureau’s “rural” and “underserved” designations.

The Consumer Financial Protection Bureau proposed a rule that would allow the agency to scrutinize major student loan servicers.

The Federal Reserve is seeking comment on a proposed rule setting forth the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities (FMU) designated as systemically important by the Financial Stability Oversight Council. In addition, the proposed rule, which implements provisions of Title VIII of the Dodd-Frank Act, would authorize a Reserve Bank to pay interest on the balances maintained by a designated FMU.

In addition to its final ability-to-repay rule, the Consumer Financial Protection Bureau released this concurrent proposal to seek comment on whether to adjust the final rule for certain community-based lenders, housing stabilization programs and small portfolio creditors. The proposal also seeks comment on outstanding issues related to what loan originator compensation must be included in the points and fees calculation.

The Commodity Futures Trading Commission approved an interim final rule regarding business conduct and documentation requirements for swap dealers and major swap participants on Dec. 18, 2012. The rule provides industry participants with additional time to comply with specific documentation requirements,

The Consumer Financial Protection Bureau published this proposal on Dec. 31, to refine a final rule issued by the bureau earlier in 2012 that implements section 1073 of the Dodd-Frank Act regarding remittance transfers. The proposal amends subpart B of Regulation E, which implements the Electronic Fund Transfer Act.

A foreign bank with significant U.S. operations would be required to create an intermediate holding company over its U.S. subsidiaries under this rule proposed by the Federal Reserve. The agency said this structure would help facilitate consistent and enhanced supervision and regulation of foreign banks’ U.S. operations.