In the February 8, 2016, issue of the Federal Register (click here) the Rural Housing Service (RHS) issued a final rule amending its December 9, 2013, interim final rule (78 FR 73928) to the Single Family Housing Guaranteed Loan Program (SFHGLP). The February 8, 2016, final rule makes changes to the December 9, 2013, interim final rule in response to public comment and further consideration of certain issues by the RHS to the SFHGLP. The February 8, 2016, final rule becomes effective on March 9, 2016.
Search Results
Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
CFPB Corrects Typographical Error in Supplementary Information to TRID Rule Regarding Application of Tolerances to Certain Fees and Charge
In the February 10, 2016, issue of the Federal Register (81 FR 7032, click here), the CFPB corrected a typographical error in the Supplementary Information to the TILA-RESPA Final Rule published in the December 31, 2013, issue of the Federal Register (78 FR 79730) regarding the applicability of TRID tolerances to property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees under Section 1026.19(e)(3)(iii) of Regulation Z. On page 79830, in the first column, lines 44 through 50, the Supplementary Information to the TILA-RESPA Final Rule in the December 31, 2013, issue of the Federal Register incorrectly states: “The final rule also mirrors current Regulation X in that property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.” (Emphasis added.)
CFPB’s Compliance Bulletin to Furnishers of Consumer Information Regarding Duties Under FCRA and Regulation V
On February 3, 2016, the CFPB issued Compliance Bulletin 2016-01 (click here), published in the February 4, 2016 issue of the Federal Register (81 FR 5992, click here). This bulletin reminded furnishers of their duties concerning the accuracy and integrity of consumer information reported to consumer reporting agencies. In particular, the CFPB highlighted Section 1022.42 of Regulation V (12 C.F.R. § 1022.42), which details furnisher responsibilities:
CFPB Request for Information Regarding HMDA Resubmission Guidelines
As you are aware the recent amendments to Regulation C (October 28, 2015, Federal Register, 80 FR 66128, click here), which implements HMDA, become effective in stages starting in 2017, with most of the amendments becoming effective in 2018 for reporting in 2019. However, the CFPB Resubmission Guidelines (click here), which describe when HMDA data should be corrected and resubmitted, have not been amended to reflect HMDA data that will be submitted under the Regulation C amendments. In order to rectify this, the CFPB published in the January 12, 2015, Federal Register (81 FR 1405, click here) a Notice requesting information on what changes to the Resubmission Guidelines may be needed.
CRA Asset-size Thresholds Revised for 2016
In the December 29, 2015 issue of the Federal Register 80 FR 81162, 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 used to define “small bank,” “small savings association,” “intermediate small bank,” and “intermediate small savings association,” effective January 1, 2016.
CFPB’s Christmas Gift – Technical Corrections To Regulation Z
In the December 24, 2015 issue of the Federal Register (80 FR 80228, click here) the CFPB published a final rule that makes technical corrections to Regulation Z and its Official Interpretations (12 CFR part 1026). Specifically, this final rule makes the following corrections to reinsert existing regulatory text that was inadvertently deleted from Regulation Z and its commentary:
Asset-size Thresholds Revised for HMDA and TILA
In the December 23, 2015 issue of the Federal Register, the following annually revised asset-size thresholds were published to be effective January 1, 2016: Home Mortgage Disclosure Act (80 FR 79673, click here) The CFPB has revised comment -2 under the definition “Financial institution” in §1003.2 of the Staff Commentary to Regulation C (12 CFR part 1003) to keep the asset-size exemption threshold for banks, savings associations, and credit unions for HMDA data collection in 2016 the same as it was for 2015. Therefore, effective January 1, 2016, banks, savings associations, and credit unions with assets at or below $44 million as of December 31, 2015, are exempt from collecting HMDA data for 2016. (Note: An institution’s exemption from collecting HMDA data in 2016 does not affect its responsibility to report data it was required to collect in 2015.)
CFPB Bulletin 2015-07 – In-Person Collection of Consumer Debt
On December 16, 2015, the Consumer Financial Protection Bureau (CFPB) issued Compliance Bulletin 2015-07 (click here) providing guidance to creditors and others who collect consumer debt about compliance with the UDAAP provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act, §§1031 and 1036, codified at 12 U.S.C. §§5531 and 5536(a)) and the Fair Debt Collection Practices Act (FDCPA, 15 U.S.C. §§1692a – 1692p) while attempting or attempting to collect consumer debts.
VA State Foreclosure Timeframes Allowable for Payment of Interest
In the December 4, 2015, issue of the Federal Register (80 FR 75899, click here), the Department of Veterans Affairs (VA) issued a notice concerning the state foreclosure timeframes allowable in the calculation of the maximum interest payable on a foreclosure of a VA-guaranteed loan. The new foreclosure timeframes will be effective for all loan terminations completed on or after January 4, 2016.
Regulation Z Dollar Threshold For Exempt Consumer Transactions
In the November 27, 2015, issue of the Federal Register (80 FR 73947, click here), the Consumer Financial Protection Bureau (CFPB) and Federal Reserve Board (FRB) issued a final rule that the threshold for exempting consumer loans from Regulation Z during 2016 will remain $54,600.