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Joint Agencies Propose Rule on Appraisal Requirements for "Higher-Risk" Mortgage Loans

Aug
20

On the same day as the Consumer Financial Protection Bureau (CFPB) proposed its own rule on appraisals and valuations discussed above, the joint federal banking regulators, including National Credit Union Administration (NCUA) and the CFPB, proposed a separate rule concerning the appraisal requirements relating to “higher-risk” mortgage loans.  General comments on this rule are also due on October 15, 2012, and this rule is also required to be finalized by the agencies by January 21, 2013. 

Posted By Sharon Bahr read more

CFPB Proposed Rule on Appraisals & Valuations

Aug
20
CFPB Proposed Rule on Appraisals & Valuations

The Consumer Financial Protection Bureau (CFPB) proposed a new rule on appraisals and valuations.  General comments are due by October 15, 2012, and the CFPB is required to finalize the rule not later than January 21, 2013.  The proposed rule would amend Regulation B, which implements the Equal Credit Opportunity Act and would apply to applications for credit where the loan would be secured by a first lien on a dwelling. 

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Proposed Mortgage Servicing Rules Issued by CFPB

Aug
10
Proposed Mortgage Servicing Rules Issued by CFPB

The CFPB today issued two proposals to implement provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding servicing of mortgage loans.

Posted By abucaida@mcua.org read more

"Finance Charge" Changes Under CFPB's RESPA/TILA Proposed Rule

Aug
06
"Finance Charge" Changes Under CFPB's RESPA/TILA Proposed Rule

As part of the Consumer Financial Protection Bureau’s (CFPB) 1099-page proposed RESPA/TILA rule, the CFPB is proposing some significant changes to Section 1026.4 of Regulation Z which defines the “finance charge.”  Importantly, these proposed changes will result in a more inclusive finance charge, which, absent further action by the CFPB, will increase the number of closed-end mortga

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CFPB Issues: CUNA's CHART and Advocacy

Aug
06
CFPB Issues: CUNA's CHART and Advocacy

Credit unions and leagues are very concerned about the number, scope, and heft of current and developing Consumer Financial Protection Bureau (CFPB) regulations. The Credit Union National Association (CUNA) shares those concerns.

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CUNA Comment Letters

Jul
26
CUNA Comment Letters

CUNA Comments on CFPB Proposal re Disclosure of Consumer Complaint Data

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CFPB Posts Its Semi-Annual Regulatory Agenda

Jul
23
CFPB Posts Its Semi-Annual Regulatory Agenda

Early during the week of July 16, 2012, the Consumer Financial Protection Bureau (CFPB) posted its semi-annual update of its rulemaking agenda.  The last one that was published was the Fall 2011 agenda, which was made public in January.

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CFPB Proposes New RESPA/TILA Rule and Disclosure

Jul
19
CFPB Proposes New RESPA/TILA Rule and Disclosure

The Consumer Financial Protection Bureau (CFPB) on July 9, 2012 issued its much anticipated proposed rule and forms to combine certain disclosures required under the Real Estate Settlement Procedures Act (RESPA) with disclosures required under the Truth in Lending Act (TILA), as required by the Dodd-Frank Act.  The proposal also addresses new disclosure requirements required by the D

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CFPB Issues a Proposal to Implement Recent Changes to HOEPA

Jul
16
CFPB Issues a Proposal to Implement Recent Changes to HOEPA

During the week of July 9, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to amend Regulation Z and Regulation X to implement the Dodd-Frank Act's amendments to TILA and RESPA regarding high-cost mortgage loans.  The Dodd-Frank Act am

Posted By Sharon Bahr read more

RESPA/TILA Know Before You Owe Project - Update

Jul
13
RESPA/TILA Know Before You Owe Project - Update

On July 6, the Consumer Financial Protection Bureau (CFPB) posted another blog entry giving more details on the specifics behind the entire Know Before You Owe mortgage disclosure project.  The CFPB states that “Soon, [it] will submit a Notice of Proposed Rulemaking to the Federal Register to begin the public notice–and-comment process.”  Notably, the CFPB also indicates that wh

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