OTTING MISSTATEMENT

Last week Comptroller of the Currency Joseph M. Otting issued a statement after meeting with Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau. According to the news release (NR 2018-14) from the Office of the Comptroller of the Currency (OCC)  Comptroller Otting stated “Acting Director Mulvaney has helped reduce the burden on the banking system by delaying implementation of his agency’s Home Mortgage Disclosure Act rule, committing to reconsider its payday lending rule, and deferring action on additional regulations until completing a more thorough review of those matters.”

Clarification – There has been no delay in implementation of the HMDA rule. We believe Otting meant to refer to the delay in enforcing the provisions of the revised HMDA rule or to the delay of the Prepaid Accounts rule.

Fake News Alert – While everything to this point in the article is true, the following is a pure fabrication:

When asked for clarification Comptroller Otting stated, “I knew Mr. Mulvaney delayed one of those regulation thingies.”

 

Read More: An article on HMDA Forbearance is available at: https://www.jackscomplianceresource.com/cfpb-announces-hmda-forbearance/

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