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- March 24, 2017On Friday, March 24, 2017, the CFPB released a proposal to amend Regulation B to provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information, while supporting the industry’s ability to use consistent forms and practices. The CFPB believes this will help the mortgage industry as it works to adopt new application forms, including the revised...March 24, 2017On Friday, March 24, 2017, the Office of the Comptroller of the Currency (OCC) reported overall performance of first-lien mortgages continues to improve, and the number of loans in delinquency continues to decline. The OCC report , OCC Mortgage Metrics Report, Fourth Quarter 2016, showed 94.7 percent of mortgages were current and performing at the end of the quarter, compared with 94.1 percent a...March 23, 2017On Thursday, March 23, 2017, the CFPB took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions when in fact, lenders did not use Experian’s scores to make those decisions. The CFPB ordered Experian to pay a...March 21, 2017On Tuesday, March 21, 2017, the House Financial Services Subcommittee on Oversight and Investigations examined whether the CFPB’s structure violates the “Separation of Powers Clause” in Article II of the Constitution. Members discussed possible changes to enhance the constitutionality and accountability of the Bureau, as it is not subject to checks and balances, such as a commission structure,...March 21, 2017On Tuesday, March 21, 2017, the FDIC, OCC, and Federal Reserve published a Joint Report to Congress Economic Growth and Regulatory Paperwork Reduction Act indicating the issues yielding the most comments were capital, appraisals, frequency of safety and soundness exams, the Community Reinvestment Act (CRA), and the Bank Secrecy Act (BSA). Regarding exam frequency, the agencies indicated “support...March 17, 2017On Friday, March 10, 2017, CBA and other trades, filed an amicus brief in the matter of PHH Corporation v. The Consumer Financial Protection Bureau by the D.C. Circuit Court. On Thursday, February 16, 2017, the Court granted a rehearing petition, which will be en banc, meaning the full circuit bench will hear the case. The Court scheduled oral arguments for May 24, 2017, and has provided for a...March 17, 2017CFPB Seeks Comment on Remittance Rule | On Friday, March 17, 2017, the CFPB announced its five-year assessment of the remittance rule as required by section 22(d) of the Dodd-Frank Act. The Bureau must file a report on the effectiveness of the rule no later than five years after the rule’s October 28, 2013 effective date. Prior to issuing the report, the agency is required to seek public comment...March 15, 2017On Wednesday, March 15, 2017, the CFPB ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating HMDA by consistently failing to report accurate data about mortgage transactions in 2012 through 2014. Nationstar, a nationwide nonbank mortgage lender headquartered in Coppell, TX, is a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc. With nearly three million...March 15, 2017On Wednesday, March 15, 2017, the OCC issued a draft supplement to its licensing manual to provide Fintech companies guidance on applying for a special purpose national bank charter. In its charter evaluations, the OCC will consider the following principles: Maintaining a safe and sound banking system; Encouraging a national bank to provide fair access to financial services by helping to meet the...March 10, 2017On Friday, March 10, 2017, CBA sent a letter of support to Reps. Scott Tipton (R-CO), Randy Hultgren (R-IL), Patrick McHenry (R-NC), Terri Sewell (D-AL), David Scott (D-GA) and Kyrsten Sinema (D-AZ). The lawmakers re-introduced H.R. 1457 – the Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017, which would provide the opportunity for consumers to open bank accounts in every...