State 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
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
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
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
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
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.