CFPB Amends HMDA Regulation C

In Client and Friends Memos, HMDA by BMG Memorandum

In the October 29, 2019, issue of the Federal Register (84 FR 57946) the Bureau of Consumer Financial Protection (CFPB) issued a final rule amending Regulation C (12 CFR Part 1003), which implements the Home Mortgage Disclosure Act (HMDA), to adjust the institutional and transactional coverage thresholds for reporting data about open-end lines of credit by extending to January 1, …

CRA Asset-size Thresholds Revised for 2020

In Client and Friends Memos by BMG Memorandum

In the December 30, 2019, issue of the Federal Register (84 FR 71738, click here), the Office of the Comptroller of the Currency, Treasury (OCC), the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) published a joint final rule amending their respective Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds …

Home Mortgage Disclosure (Regulation C) Asset-size Exemption Threshold Adjusted for Data Collection in 2020

In Client and Friends Memos by BMG Memorandum

In the December 20, 2019, issue of the Federal Register (84 FR 69993) the Consumer Financial Protection Bureau published a final rule amending the official commentary that interprets the requirements of HMDA’s Regulation C to reflect an increase in the asset-size exemption threshold for banks, savings associations, and credit unions for data collection in 2020. Full Memorandum

CFPB Issues Construction Loan Guides for Combined Construction Loan Disclosures and Separate Construction Loan Disclosures

In Client and Friends Memos by BMG Memorandum

On December 18, 2019, the CFPB published two Construction Loan Guides for disclosing construction and construction-permanent loans, respectively, under the TILA-RESPA Integrated Disclosure (TRID) Rule. The combined construction loan disclosure Guide provides TRID guidance for construction-permanent loans using one, combined Loan Estimate, and one, combined Closing Disclosure for both phases of a construction-permanent loan. The separate construction loan disclosure Guide …

CFPB Supervisory Highlights, Fall 2019

In Client and Friends Memos by BMG Memorandum

In the December 11, 2019, Federal Register (84 FR 67725) the CFPB published the Fall 2019 edition of its Supervisory Highlights, which reports examination findings in the areas of consumer reporting and furnishing of information to consumer reporting companies pursuant to the Fair Credit Reporting Act (15 U.S.C. 1681 et seq) and Regulation V (12 CFR part 1022). The Supervisory …

Taxpayer First Act Requires New Taxpayer Consent Requirements

In Client and Friends Memos by BMG Memorandum

Section 2202 of “The Taxpayer First Act” (Public Law No. 116-25), signed into law on July 1, 2019, and effective December 29, 2019, amends Internal Revenue Code 26 U.S.C. 6103(c) to prohibit persons designated by a taxpayer to receive return information or taxpayer return information (said terms are defined in section 6103(b)(2) and (3), respectively) from (i) using the information …

Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting

In Client and Friends Memos by BMG Memorandum

On December 3, 2019, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration (herein “Federal Regulators) issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms (herein “Joint Statement”). The following …

TREC Prohibits Real Estate Brokers and Sales Agents from Participating in “Pay-to-Play” Programs with Real Estate Settlement Service Providers.

In Client and Friends Memos by BMG Memorandum

The Texas Real Estate Commission (“TREC”), Texas’ regulating body for real estate brokers and sales agents (collectively, “license holders”), recently amended 22 TAC §535.148 to explicitly prohibit license holders from participating in “Pay-to-Play” programs with real estate settlement service providers. “Pay-to-Play” refers to the practice of requiring payment to access a brokerage and its sales agents by being included in …