CFPB Updates on Dodd-Frank, Qualified Mortgage Patch

On Monday, June 24, 2019, the Consumer financial protection bureau (CFPB) and Federal Reserve board (frb) finalized amendments to Regulation CC, which implements the Expedited Funds Availability Act of 1987 (EFA Act). The amendments institute a Dodd-Frank Act statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers.

On July 25th, the CFPB announced plans to allow the temporary Qualified mortgage (qm) status given to loans eligible for purchase by Fannie Mae or Freddie Mac (the GSEs) to expire. However, the agency stated it could allow a short extension past the January 10, 2021 expiration date, and is in any case soliciting public comments on the general QM definition, including its income and debt.

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Trade groups call on CFPB to update Loan Originator compensation rule. trade groups say steering is now less likely given regulations since the passage of the Dodd-Frank Act. The groups cited.

Recent updates. Find the latest CFPB activities and publications here. Use the filters below to browse by date, specific topics, or types of posts.. Consumer Financial Protection Bureau Releases Qualified Mortgage ANPR JUL 25, 2019 Category: Press release CFPB and the New York Attorney.

Most of the CFPB s new rules go into effect in January 2014. The updates cover the Ability-to-Repay/Qualified Mortgages, high-cost mortgages and appraisals for higher-priced mortgage loans, as well as amendments related to the escrows rule. The updates also cover recent changes to credit card rules.

Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB was planning to start its review of significant mortgage regulations, including the ability to repay/qualified mortgage rule.

The Consumer Financial Protection Bureau has released its Spring 2019 rulemaking agenda, part of the Unified Agenda of Federal Regulatory and Deregulatory Actions. Included in the Bureau’s rulemaking is a Notice of Proposed Rulemaking to follow up on an interpretive and procedural rule that it issued in August 2018 to provide clarification regarding Economic Growth, [.]

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CFPB is looking at whether all servicers should be subject to the Fair Debt Collection Practices Act. This goes well beyond Dodd-Frank and "demonstrates a fundamental misunderstanding of the role of a.