In today’s issue of the Federal Register (80 FR 38516, click here) the Wage and Hour Division of the Department of Labor (DOL) published a proposed rule to update and revise the regulations implementing the exemption from minimum wage and overtime pay for executive, administrative, professional, outside sales, and computer employees.
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
TRID Rule – Proposed Amendments To Delay Effective Date
As you are aware, the CFPB announced on June 24, 2015, that it would delay the effective date of the TRID Rule until October 3, 2015, by publishing proposed amendments in the Federal Register. In today’s Federal Register (80 FR 36727, click here) the CFPB published proposed amendments to the applicable sections of the Official Interpretations in Supplement I to Regulation Z to delay the TRID Rule’s effective date to October 3, 2015, and to make other conforming changes, as more fully noted below in this memorandum.
CFPB Proposes Additional delay of TRID Rule to October 3, 2015
Today, the Consumer Financial Protection Bureau issued a Proposed Rule to further delay the effective date of the TRID Rule from October 1, 2015 as originally announced last week, to October 3, 2015. The CFPB selected Saturday, October 3rd, instead of Thursday, October 1st, to allow for a smoother implementation by allowing the industry time over the weekend to launch and test their systems. The CFPB also said that a Saturday launch is consistent with the original plan to implement TRID on Saturday, August 1st.
CFPB Statement on Know Before You Owe Delay
Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:
Diversity Policies and Practices – Federal Interagency Policy Statement
In the June 10, 2015, issue of the Federal Register (80 FR 33016, click here) the Federal Reserve Board (FRB), Bureau of Consumer Financial Protection (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC) and Securities and Exchange Commission (SEC) published an interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate (the “Policy Statement”). The Policy Statement is effective as of June 10, 2015, and applies to all entities regulated by any one of the above named federal agencies. The Policy Statement begins on page 33022 of the above cited Federal Register.
VA Circular 26-15-6, Itemization of Credits/Charges on the HUD-1
The Department of Veterans Affairs recently issued VA Circular 26-15-6, click here, regarding itemization of certain charges and credits disclosed on the HUD-1. In addition to the clarifications and requirements in the body of VA Circular 26-15-6, it also contains four examples attached as Exhibit A, Exhibit B, Exhibit C, and Exhibit D, respectively – to view or print an Exhibit, click on the appropriate Exhibit hyperlink above. VA Circular 26-15-6 is effective for all loans closed on or after May 1, 2015.
CFPB Bulletin 2015-02: Discriminatory Lending Concerning Income Received Under Section 8 Housing Choice Voucher Homeownership Program
On May 11, 2015, the CFPB issued Bulletin 2015-02 (click here) to advise lenders regarding illegal discrimination against applicants that use income from the Section 8 Housing Choice Voucher Homeownership Program (“Section 8 HCV Program”), which was created to assist low-income, first-time homebuyers in purchasing homes.
CFPB Issues Revised Interpretive Rule For Homeownership Counseling Organizations Lists and High-Cost Mortgage Counseling
In the April 21, 2015, Federal Register (80 FR 22091, click here) the Consumer Financial Protection Bureau (CFPB) reissued its 2013 interpretive rule regarding the provision of lists of HUD-approved housing counseling agencies to mortgage loan applicants. The revised interpretive rule substantively restates the guidance in the 2013 interpretive rule and adds further guidance to address additional questions that have been raised since the issuance of the 2013 interpretative rule. The 2013 interpretive rule and its companion Bulletin 2013-13 were the subject of our November 19, 2013 memorandum. We recommend that you read the CFPB’s revised interpretative rule in conjunction with our November 19, 2013 memorandum, click here.
New RESPA Settlement Cost Booklet for TRID Transactions
In the April 1, 2015, issue of the Federal Register (80 FR 17414, click here) and in a March 31, 2015, press release (click here), the Consumer Financial Protection Bureau (CFPB) published a new RESPA-required settlement cost booklet titled “Your Home Loan Toolkit: A Step-by-Step Guide” (Booklet) for use with the new TILA and RESPA integrated disclosures (TRID) effective for applications received on or after August 1, 2015.
Loan Officer Overtime Pay Requirements Decided by U.S. Supreme Court
In an opinion issued March 9, 2015, in Perez v. Mortgage Bankers Ass’n, 2015 WL 998535 (U.S. Mar 09, 2015), click here, the United States Supreme Court provided an answer to the ongoing dispute between the mortgage banking industry and the U.S. Labor Department (DOL) regarding the status of mortgage loan officers under federal labor law for minimum wage and overtime compensation requirements.