Foreclosure Fairness Act 2016 Exemption Requirements

Homeowners that the credit union has provided a Notice of Default to, and lived in their home when the foreclosure processes started, are eligible to participate in Washington State’s Foreclosure Fairness Act Mediation Program, unless the credit union has conducted less than 250 foreclosure sales during the previous year, and claimed their exemption status to the Department of Commerce.  Credit … Read More

Statement on Prudent Risk Management for Commercial Real Estate Lending

The Federal Reserve, the FDIC, and the OCC jointly issued this Statement to remind financial institutions of existing regulatory guidance on prudent risk management practices for commercial real estate (CRE) lending activity through economic cycles.  The NCUA was not part of the agencies that issued the statement, but may follow other agencies guidelines when conducting audits. The Statement includes “Historical … Read More

In-Person Collection of Consumer Debt

CFPB Compliance Bulletin 2015-07 Compliance Bulletin 2015-07 warns creditors, debt buyers, and third-party collectors of potentially unlawful in-person debt collection practices.  The bulletin reminds the financial services industry of debt collection practices prohibited by the Dodd-Frank Act and the Fair Debt Collection Practices Act, including: Engaging in unfair, deceptive, or abusive acts or practices, Communicating with a consumer at any … Read More

HMDA and TILA annual adjustments

The CFPB has announced two final rules with annual threshold adjustments under the implementing regulations for the Home Mortgage Disclosure Act (HMDA) and the Truth in Lending Act (TILA). The HMDA asset-size exemption threshold under Regulation C is unchanged at $44 million. Institutions with assets of $44 million or less as of December 31, 2015, are exempt from collecting HMDA … Read More

Military Lending Act… continued

We blogged about the new requirements for the Military Lending Act (MLA) previously.  In summary, the final rule broadens the MLA protections by expanding the range of covered loans, defining a covered borrower, adding more components to the MAPR, placing restrictions on imposing other limitations, and requiring a statement of the MAPR Disclosure.  Compliance with the changes is required by … Read More

CFPB releases rural and underserved areas tool

The Consumer Financial Protection Bureau has released a new online tool to help creditors determine which properties are located in a rural or underserved area. The tool aids in determining the exemption for requiring escrow accounts for higher-priced mortgages. Regulation Z provides that if “During any of the three preceding calendar years, the creditor extended more than 50 percent of … Read More

CFPB Consumer Credit Card Market Report

The CFPB released its report on the consumer credit card market.  Essentially, this is 300 pages of the Bureau tooting their own horn regarding improvements in the credit card market in the wake of the CARD Act.  The report covers credit card agreement terms, issuer practices, adequacy of protections against unfair or deceptive acts or practices relating to credit cards, … Read More

Home Mortgage Disclosure Act (Regulation C) Small Entity Compliance Guide

On October 13, 2015, the CFPB amended Regulation C expanding the reporting requirements.  Included in the changes were the definitions of covered institutions and covered transactions, changes to public requests, submission of reports, along with new and modified data fields – for a total of 48 fields. The CFPB released its Compliance Guide that includes the key changes and effective … Read More

FTC Holder in Due Course Rule Request for Comment

The Federal Trade Commission (FTC) is seeking input in review of its Holder in Due Course Rule (16 CFR 433) as part of its systematic review of all current FTC rules and guides. The Holder in Due Course Rule, formally titled “Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses”, preserves consumers’ right to assert the same legal claims … Read More

No Adjustments for HPML or TILA Exemption Thresholds

No Adjustment for Appraisals for Higher-Priced Mortgage Loans Exemption Threshold Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or “HPMLs” in the agencies’ regulations. The Agencies (the OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA)) issued joint … Read More