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Enactment of the Dodd-Frank Act created the Consumer Financial Protection Bureau, an agency charged with carrying out federal consumer financial laws. We are focused on retail banking products and services, making CBA the industry resource on the CFPB. Our insights and analysis on CFPB-related issues, along with the latest news and information, provides our members with the necessary tools to navigate this new regulatory environment.
- January 24, 2013January 18, 2013CFPB Issues Final Rules on Mortgage Servicing On Thursday, January 17, 2013, the CFPB issued its final rules on mortgage servicing, which are scheduled to take effect on January 10, 2014. The servicing rules were published in two notices amending Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act. CBA will hold an...January 18, 2013CFPB Issues Mortgage Servicing Rules Nearly 300 members dialed joined CBA’s call on Monday, January 14, 2013, to discuss the impact of QM and to hear from K&L Gates and the CBA Advocacy team. With regard to QM, Director Cordray told me the 3% cap on mortgage broker compensation is a work in progress. While we appreciate the CFPB's efforts to date, we still have some concerns, outlined in our...January 16, 2013January 15, 2013January 15, 2013January 11, 2013QM The much-awaited "grandfather of all rules," QM, finally arrived from the CFPB this week. CBA will hold a membership call this Monday, January 14, 2013, at 2 p.m. ET to discuss the new rule and what it means for retail banks. At first blush we think it is a balanced approach, but have some concerns about the timing for implementation. Join us on the call for a full analysis with guest speaker...January 11, 2013CFPB Releases QM/Ability to Pay Rule On Thursday, January 10, 2013, the CFPB published its highly anticipated Ability to Pay/QM rule . The rule is intended to protect borrowers from risky lending practices such as “no doc” and “interest only” features that contributed to many homeowners ending up in delinquency and foreclosure after the 2008 housing collapse. “When consumers sit down at the...January 4, 2013Fiscal Cliff The good news is we did not go over the fiscal cliff. Our nation's leaders worked together over the weekend to negotiate the fiscal cliff deal: After nearly 17 months of a self-imposed deadline, Congressional Leaders acted at the very last minute, only leading to another showdown over the debt limit in two short months. The deal included various tax provisions after Vice President...January 4, 2013CFPB Issues Changes to Remittance Rule On Monday, December 21, 2012, the CFPB published in the Federal Register a proposed rule intended to address issues with the final Remittance Transfer Rule, originally published on February 7, 2012. “We are dedicated to bringing new protections to consumers who want to send money internationally,” said Director Cordray. “Today’s proposal will ensure...