Archive

CFPB PUBLISHES PRELIMINARY LIST OF RURAL AND UNDERSERVED COUNTIES

On March 12, 2013 the Consumer Financial Protection Bureau (CFPB) announced the availability of a preliminary list of rural and underserved counties. The final list will be available before June 1, 2013. The list has significant impact on several regulatory requirements, as follows: On June 1, 2013, the CFPB’s Escrow Requirements under the Truth in Lending Act rule (Escrows Rule) will go into effect, which require certain creditors to create escrow accounts for a minimum of 5 […]

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BUSINESS DAY – NEW REGULATION B APPRAISAL RULES

The appraisal rules contained in Regulation B were revised on January 18, 2013. The revisions are effective on January 18, 2014. Among other requirements, the revised regulation requires that: A copy of each appraisal or other written evaluation be provided to the applicant three business days prior to consummation; Not later than the third business day after the creditor receives the application it must provide the applicant with a notice regarding the right to receive […]

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