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CFPB Updates on Dodd-Frank, Qualified Mortgage Patch

The Consumer Financial Protection Bureau has released its Spring 2019 rulemaking agenda, part of the Unified Agenda of Federal Regulatory and Deregulatory Actions.

Included in the Bureau’s rulemaking is a Notice of Proposed Rulemaking to follow up on an interpretive and procedural rule that it issued in August 2018 to provide clarification regarding Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA) amendments to the Home Mortgage Disclosure Act (HMDA). These created "partial exemptions that allow certain insured depository institutions and insured credit unions not to report certain data points for some transactions."

The Bureau also announced several new projects down the line. According to the CFPB, after completing an assessment in October 2018 of its rules to implement Dodd-Frank Act requirements for international remittance transfers:

the Bureau issued in April 2019 a request for information to gather information related to the expiration of a statutorily established exception in the Remittance Rule that permits insured banks and insured credit unions to estimate certain required disclosures and other potential remittance transfer issues and related topics. The Bureau also recently completed an assessment of rules implementing Dodd-Frank Act provisions that require mortgage lenders to determine consumers’ ability to repay loans and define certain 'qualified mortgages' that are presumed to comply with the statutory requirements.

As part of its plan, the CFPB notes that it will be focusing its attention on the Qualified Mortgage “Patch” on loans that are eligible to be purchased or guaranteed by either Fannie Mae or Freddie Mac.

In addition, the CFPB will be reviewing existing regulations, such as, "conducting an assessment pursuant to section 1022(d) of the Dodd-Frank Act of its regulations to consolidate various mortgage origination disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act."

In May 2019, the CFPB published its plan for conducting reviews consistent with section 610 of the Regulatory Flexibility Act, and also "issued a request for information on the first such review, concerning the impact of certain regulations concerning overdraft services on small banks and credit unions."

About Author: Seth Welborn

Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.
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