CFPB: Final Rule Issued to Implement the Fair Debt Collection Practices Act
The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors…
CFPB: Agencies Propose Regulation on the Role of Supervisory Guidance
Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance. Unlike a law or regulation, supervisory guidance…
OCC: Final True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
OCC: New CRA Modernization Resources Released
Summary The Office of the Comptroller of the Currency (OCC) today issued three items required to support the implementation of the Community Reinvestment Act (CRA) rule the agency issued on June 5, 2020 (2020 rule). Note for Community Banks The “Community Reinvestment Act 2020 Rule Small Bank Compliance Guide” and other supporting materials pertain to…
FDIC: Agencies Adopt Final Rule on Certain Real Estate Transactions for Financial Institutions and Consumers Affected by Coronavirus
Summary: The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively, the agencies) adopted as final the interim final rule that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing…
HUD: Section 3 Rule Revision Finalized to Advance Economic Opportunity
New rule will advance economic opportunity through streamlined processes and a more targeted approach The U.S. Department of Housing and Urban Development (HUD) announced today the release of the final rule implementing the “Section 3” statute. Section 3 requires that recipients of certain HUD funds make economic opportunities available for low- and very low-income individuals, especially recipients…
Federal Reserve: ANPR Issued on Approach to Modernize CRA Regulations
The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR…
CFPB: Information Requested on the Impact of CARD Act Regulations on Small Entities and the Consumer Credit Card Market
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10 years of…
CFPB: Comment Period Extended on Ways to Prevent Credit Discrimintation and Build a More Inclusive Financial System
The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit…
CFPB: New Category of Qualified Mortgages Proposed to Encourage Innovation and Access to Affrodable Mortgage Credit
The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market. To be considered a Seasoned QM under the proposal, loans would have to…