State regulators, CFPB sign off on coordination framework
Subscriber Access OnlyState regulators, CFPB sign off on coordination framework
The Conference of State Bank Supervisors and the Consumer Financial Protection Bureau signed a supervisory coordination framework. The framework is intended to establish a process for coordinated federal and state consumer protection supervision and enforcement for covered banks and nonbanks. Read on for the details.
Final escrow rule amendments leave ‘rural’ definition unchanged, for now
Subscriber Access OnlyFinal escrow rule amendments leave ‘rural’ definition unchanged, for now
The Consumer Financial Protection Bureau finalized a rule clarifying that certain protections applicable to higher-priced mortgage loans will not expire prior to the effective date for the bureau’s new ability-to-repay/qualified mortgage rule. The May 16 changes to the CFPB’s January escrow rule for HPMLs also clarify how to determine whether a county is considered “rural” or “underserved” for purposes of applying certain important exemptions set forth under the CFPB’s new mortgage rules. Read on for the details.
Ohio MBA live coverage: Mortgage industry has issues to spare
Subscriber Access OnlyOhio MBA live coverage: Mortgage industry has issues to spare
A host of burgeoning national and regional issues could give rise to numerous opportunities, risks and a great deal of uncertainty in the mortgage industry in the coming months and years, according to experts and industry leaders at the Ohio Mortgage Bankers Association Annual Convention in Columbus, Ohio. Dodd Frank Update was on hand as industry stakeholders discussed the mortgage implications of everything from federal monetary and fiscal policy to Ohio’s oil and natural gas boom. Read on to learn about some of the issues that are driving the mortgage debate in the Buckeye State and beyond.
CFPB to delay portion of LO Comp final rule
Subscriber Access OnlyCFPB to delay portion of LO Comp final rule
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. Read on to learn why the CFPB is seeking the delay.
CFPB takes debt-relief companies to court
Subscriber Access OnlyCFPB takes debt-relief companies to court
The Consumer Financial Protection Bureau filed a complaint in a federal district court in New York against two debt-relief service providers that allegedly charged consumers illegal advance fees for debt-settlement services. The bureau is seeking to halt the operations and to obtain both penalties and relief for victims. Read on for the details.
Regulatory relief bill would amend key Dodd-Frank mortgage provisions
Subscriber Access OnlyRegulatory relief bill would amend key Dodd-Frank mortgage provisions
A U.S. House Republican introduced legislation intended to lighten community institutions’ regulatory burden. The bill would broaden certain community bank exemptions set forth under Title XIV of the Dodd-Frank Act. Read on to learn how the measure would impact the scope of the Consumer Financial Protection Bureau’s qualified mortgage definition.
  
Recent Headlines
Texas homebuilder slapped with CFPB consent order
Subscriber Access OnlyTexas homebuilder slapped with CFPB consent order
The Consumer Financial Protection Bureau ordered a Texas homebuilder to turn over alleged kickbacks the agency said he funneled through sham mortgage companies. The bureau also prohibited the builder from engaging in future real estate settlement services, including mortgage origination. Read on to learn how much money the builder was ordered to surrender to the CFPB.
 
Mortgage Headlines
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ABA: Rule exemptions shouldn’t just be for ‘rural’ and ‘underserved’ banks
Subscriber Access OnlyABA: Rule exemptions shouldn’t just be for ‘rural’ and ‘underserved’ banks
The American Bankers Association told the Consumer Financial Protection Bureau that certain mortgage rule exemptions for small creditors that operate in rural and underserved areas should be available to more community banks that hold covered loans in portfolio, regardless of where those banks are located. The ABA’s comments came in response to a CFPB proposal that sought to clarify elements of the bureau’s new escrow rule. Read on for the details.
 
Banking Headlines
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Fed OIG releases report on CFPB audits, inspections and evaluations
Subscriber Access OnlyFed OIG releases report on CFPB audits, inspections and evaluations
The Federal Reserve Office of Inspector General issued a Semiannual Report to Congress, noting that it has begun a review of the Consumer Financial Protection Bureau’s goals and performance objectives and describing the ongoing oversight of the CFPB, including an evaluation of the bureau’s integration of enforcement attorneys into its examinations. Read on for the details.
 
CFPB Headlines
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CFTC finalizes long-delayed swap execution facility rules
Subscriber Access OnlyCFTC finalizes long-delayed swap execution facility rules
A divided Commodity Futures Trading Commission voted to adopt numerous rules representing some of the final important building blocks in the agency’s new regulatory regime for swaps. Commission Chairman Gary Gensler said the final rules pertaining to minimum block sizes for swaps, and requirements for regulated swaps trading platforms known as swap execution facilities, will “make public transparency in the swaps market a reality.” The rules were also immediately lampooned by some industry participants. Read on for the details.
 
Derivatives Headlines
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Dodd-Frank’s orderly liquidation provisions criticized on Capitol Hill
Subscriber Access OnlyDodd-Frank’s orderly liquidation provisions criticized on Capitol Hill
The Dodd-Frank Act gave regulators power to unwind troubled systemically important financial institutions in the hope that taxpayers will never again be required to bail out a too-big-to-fail firm. However, some lawmakers and experts argue that the act’s orderly liquidation provisions enshrine too-big-to-fail and have no hope of functioning as intended. The implications of Dodd-Frank’s orderly liquidation provisions were the topic of discussion during a recent U.S. House subcommittee hearing. Read on for the details.
 
Financial Stability Headlines
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Cordray confirmation showdown expected this week
The top Democrat in the U.S. Senate reportedly plans to call for a vote this week to confirm Richard Cordray to continue leading the Consumer Financial Protection Bureau. Republicans vowed to block Cordray’s confirmation, but could Senate majority leader Harry Reid be setting the stage for a “nuclear” rule change that would allow Democrats to sidestep a GOP filibuster? Read on for the details.

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Dodd Frank Update May 2013
This month, Dodd Frank Update takes an in-depth look at the debate surrounding the qualified mortgage rule’s exemption for balloon loans in rural and underserved areas. Community lenders want the CFPB to expand the scope of a key definition underlying the exemption and the issue is back on the bureau’s radar screen. We also update you on the fight over the validity or Richard Cordray’s CFPB recess appointment. In addition, you’ll learn about the FDIC’s latest effort to provide technical assistance to co...

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Fed OIG Semiannual Report to Congress - May 2013
The Federal Reserve Office of Inspector General issued a Semiannual Report to Congress, noting that it has begun a review of the Consumer Financial Protection Bureau’s goals and performance objectives and describing the ongoing oversight of the CFPB, including an evaluation of the bureau’s integration of enforcement attorneys into its examinations.
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