CFPB Publishes 2018 Glossary of English-Spanish Financial Terms

In Client and Friends Memos by BMG Memorandum

The CFPB has published an updated English-Spanish Glossary of Financial terms, click here, in cooperation with other federal agencies as a resource to help lenders and other organizations that provide financial information to those who have more language proficiency in Spanish than in English (LEP persons).   Full Memorandum

FHA Requires Second Appraisal for Certain HECMs (ML 2018-06)

In Client and Friends Memos, FHA by BMG Memorandum

This memorandum is for clients that originate FHA HECM reverse mortgages. On September 28, 2018, the FHA issued Mortgage Letter 2018-06 (ML 2018-06, click here) that will require lenders originating HECMs to provide a second property appraisal where FHA determines there may be inflated property valuations. This new requirement will take effect for case numbers assigned on or after October …

CFPB Request for Comments and Information Regarding the CFPB’s Data Governance Program and its Data Collections

In Client and Friends Memos by BMG Memorandum

In the September 28, 2018, issue of the Federal Register (83 FR 49072, click here), the CFPB published a request for information (RFI) seeking comments and information to assist it in assessing the overall efficiency and effectiveness of its Data Governance Program and its Data Collections and, consistent with law, whether any changes to its Data Governance Program or Data …

CFPB Bulletin 2018-01: Changes to Types of Supervisory Communications

In Client and Friends Memos by BMG Memorandum

On September 25, 2018, the CFPB (the Bureau) issued Bulletin 2018-01 (click here) to announce changes to how it communicates supervisory expectations to institutions in connection with supervisory events. The Bulletin states that the Bureau will continue to use examination reports and supervisory letters that, effective immediately, will include the following categories of findings that convey supervisory expectations:   Full …

Rural Housing Service (RHS) Proposed Rule to Amend Regulations for the Direct and Guaranteed Single Family Housing Loan and Grant Programs

In Client and Friends Memos by BMG Memorandum

In the August 31, 2018, Federal Register (83 FR 44504, click here), the RHS issued a proposed rule (Proposed Rule) to amend its regulations for the direct and guaranteed single family housing loan and grant programs. Comments on the Proposed Rule must be received by the RHS on or before October 30, 2018, by any of the following methods:   …

CFPB Issues HMDA Interpretive Rule

In Client and Friends Memos, HMDA by BMG Memorandum

In the September 7, 2018, issue of the Federal Register (83 FR 45325, click here), the Consumer Financial Protection Bureau issued an interpretive and procedural rule (the “Interpretive Rule”) to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act signed into law on  May 24, 2018 (the “Act”), which amends section …

TRID 2.0 Overview

In Videos by BMG Memorandum

Please click on the video below to access the TRID 2.0 Overview presentation. Please make sure you have your speakers on to listen and follow the presentation materials. You may download the documents which are covered in the TRID 2.0 Overview presentation below within the “Downloads” section. For the best view of the documents open the following PDF file on your computer or download the PDF and follow along with the recorded presentation.

FEMA Notice of Changes in Flood Hazard Determinations

In Client and Friends Memos by BMG Memorandum

In the September 11, 2018, issue of the Federal Register (83 FR 45950, click here), the Federal Emergency Management Agency (FEMA) published the above notice of changes in flood hazard determinations. The notice lists communities where the addition or modification of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or the regulatory …

CFPB Amends Annual Privacy Notice Requirement in Regulation P

In Client and Friends Memos by BMG Memorandum

In the August 17, 2018, issue of the Federal Register (83 FR 40945, click here), the CFPB published a final rule (“Rule”) amending Regulation P (12 CFR Part 1016), which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 4, 2015, statutory amendment to …