Archive

WORKS IN PROCESS

“For the rest of this year and the next, our rulemaking agenda at the Consumer Bureau will remain quite active.” Director Richard Cordray recently stated. So what can we expect to see from the CFPB? The agency is working on new or revised rules for: Overdraft fees, including the opt-in process for overdraft coverage of electronic transactions; Collection and publication of data on small business lending (The Dodd-Frank Act required final rules by July 21, […]

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REGULATION BY ENFORCEMENT

The CFPB has been criticized for providing guidance in the form of enforcement actions rather by writing regulations. Expect more of the same. In a March 9, 2016 speech Director Cordray confirmed that consent orders that accompany the Bureau’s public enforcement actions, “provide detailed guidance for compliance officers across the marketplace about how they should regard similar practices at their own institutions. If the same problems exist in their day-to-day operations, they should look closely […]

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NEW LIFE FOR THOSE POPPED BALLOONS

Once again, the CFPB has waited until the eleventh hour to issue an interim final rule that many community bankers worked countless hours to prepare for!  On Tuesday, March 22, 2016, the Bureau released the interim final rule to amend Regulation Z and implement provisions that many banks would have appreciated months ago. The interim final rule will implement Congress’s intent to expand the number of small creditors eligible to meet the special provisions under […]

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PROVIDING REALTORS COPIES OF THE CLOSING DISCLOSURES

We have received numerous reports that realtors involved in purchase transactions are requesting (demanding) copies of the borrower’s closing statement. Some realtors have included language (see sample below) in the purchase contract to ensure they receive the closing disclosure.  “All parties to this transaction, including buyers, sellers, real estate agents, lender, and closing agents acknowledge that the TRID Closing Disclosure, the Buyers Statement, the Sellers Statement, or any other summary form of the transaction does […]

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TRID AND DAYLIGHT SAVINGS TIME

Daylight Saving Time (DT) begins on March 13, 2016. What does that have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the time designation used […]

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