The Consumer Financial Protection Bureau (CFPB) recently presented its first Semi-Annual Report to the President and Congress. Among other issues, the report includes the CFPB’s agenda for the next six months. It is aggressive and includes items that will represent a lot of work for our readers. The agenda includes:
- Final rules defining the lender’s obligation to assess the borrower’s ability to repay mortgage loans;
- Proposed mortgage loan disclosures, which combine Truth in Lending disclosures with RESPA disclosures; and
- Proposed rules for origination and servicing, including compensation rules, data reporting requirements, restrictions on high-cost loans, and escrow rules.
The report does not indicate when the final and proposed rules will begin to flow, but action must begin soon in order to complete the list within the six-month time frame. Hold on to your hats; change is in the air and the air is blowing hard.