Tag Archives: Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau nearly tripled the amount of data fields lenders must report under the Home Mortgage Disclosure Act. Is it too much?

Six months after naming Meredith Fuchs as Acting Deputy Director, the Consumer Financial Protection Bureau named David Silberman as her replacement.

Lenders have been troubled by the Home Mortgage Disclosure Act (HMDA) data points for many years, but they may see some relief in the near future.

Are these data collection efforts dangerous to the privacy and security of American consumers, or are they necessary for the Bureau to complete its regulatory objectives?

Consumer Financial Protection Bureau Director Richard Cordray recently passed off the widespread anxiety over TRID compliance as being no big deal and compared the rule to the over-hyped panic over Y2K. But did he speak too soon?

Many mortgage industry stakeholders are calling for the Bureau to strive for more accuracy and consistency when publishing narratives of consumers' complaints.

The OCC provided guidance on what to expect in their forthcoming TRID compliance exams directed to “chief executive officers and compliance officers of national banks and federal savings associations, federal branches and agencies, department and division heads, all examining personnel, and other interested parties.”

The CFPB has authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to supervise banks and credit unions with assets totaling more than $10 billion, along with certain nonbanks that include mortgage companies, payday lenders, private student lenders, and other nonbanks the CFPB has determined to be “large participants” in the financial market.

The fact that there is no transition period between using the HUD-1 and the new Closing Disclosure Form might be problematic, according to Bankrate.com senior mortgage analyst Holden Lewis.

H.R. 1266, known as the Financial Product Safety Commission Act of 2015 and sponsored by Randy Neugebauer (R-Texas), would remove the CFPB from the Federal Reserve System and re-establish it as a stand-alone agency governed by a five-member, bipartisan commission. This bill passed the Committee by the vote of 35-24.