The Consumer Financial Protection Bureau’s recently issued advance notice of proposed rulemaking on residential Property Assessed Clean Energy (PACE) financing programs that would implement a portion of the Economic Growth, Regulatory Relief and Consumer Protection Act and address concerns raised by trade advocates. PACE programs have been criticized by financial trade associations that argue they should be subject to the same federal consumer protection stipulations as other mortgage products.

The Office of the Comptroller of the Currency (OCC) recently issued a bulletin to all entities it supervises with details indicating the data fields examiners will use to test and validate the accuracy and reliability of loan data collected in accordance with Home Mortgage Disclosure Act (HMDA) requirements as of 2018. The bulletin outlines the different reporting requirements for banks mandated to comply with expanded HMDA reporting standards and those only responsible for reporting data required by the original HMDA rule.

With the Consumer Financial Protection Bureau (CFPB) focusing on preventing consumer harm, as CFPB Director Kathy Kraninger stated in her annual report to Congress, companies may be tempted to assume that means the bureau will be spending more time distributing educational materials than looking for compliance violations. However, that likely is not the case. In fact, the opposite may be true, Garris Horn PLLC Richard Horn told Dodd Frank Update.

The Consumer Financial Protection Bureau’s (CFPB) 18th Supervisory Highlights report, the first released since Kathy Kraninger became CFPB director, highlights observations the bureau’s examiners made about potential consumer harm related to automobile lending, deposits, mortgage servicing and remittances. The report also highlights developments in the bureau’s supervision programs – Supervisory Recommendations – which it will use in addition to its Matters Requiring Attention supervisory tool.

Recognizing that more and more mortgage lenders are seeing the value in offering eClosings and working towards digitalizing the entire mortgage process, October Research LLC and Dodd Frank Update put together a webinar with two top-tier industry experts to answer common questions about what challenges lenders face when trying to get into the eMortgage business. 

Financial trade associations weighed in on ways to potentially strengthen regulatory efforts to prevent financial crime through Bank Secrecy Act/Anti-Money Laundering policies ahead of a related hearing held by the House Financial Services Committee. The groups also advocated for the creation of a national beneficial ownership registry to stem the misuse of shell corporations to conduct illegal activities.

With new leadership presiding over the festivities, and doing so on the heels of the release of the association’s new legislative and regulatory agenda, the Independent Community Bankers of America’s (ICBA) 2019 annual conference in Nashville promises to be a newsworthy event for the financial services industry.  Dodd Frank Update will be there, beginning March 18, to chronicle any news and fresh insight shared by event speakers and attendees, as well as interesting sights and sounds always present at one of the industry’s largest conferences.

The final day of the Ellie Mae Experience event in San Francisco kicked off with a conversation with a noted author and a mortgage market update from one of the leading names in the industry. Author and motivational speaker Simon Sinek sat down with Ellie Mae’s Joe Tyrrell, and Mortgage Bankers Association Chief Economist Michael Fratantoni followed with an updated presentation on the market.

For lenders and compliance attorneys preparing to implement procedures necessary to comply with the government-sponsored enterprises’ (GSEs) new Uniform Residential Loan Application (Form 1003), there are bound to be questions that come up along the way. To provide answers, Dodd Frank Update invited DocMagic Chief Compliance Officer Gavin Ales and Garris Horn PLLC Partner Richard Horn to offer straight-forward, comprehensive explanations pertaining to a myriad of common questions about the new requirements in a recent webinar entitled “New Loan Application (URLA): Your Questions Answered.”