In the February 12, 2018, issue of the Federal Register (83 FR 5999, 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 processes related to the enforcement of Federal consumer financial law, and considering whether any changes to these processes would be appropriate.
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
CFPB Request for Comments on the CFPB’s Rules of Practice for Adjudication Proceedings
In the February 5, 2018, issue of the Federal Register (83 FR 5055, click here), the Consumer Financial Protection Bureau (CFPB) published a request for information (RFI) seeking comments and information to assist it in considering whether and how to amend the CFPB’s Rules of Practice for Adjudication Proceedings, including its administrative adjudication processes, while continuing to achieve it statutory purposes and objectives.
CFPB Request for Comments on Civil Investigative Demand Processes
In the January 26, 2018, issue of the Federal Register (83 FT 3686, click here), the Consumer Financial Protection Bureau (CFPB) published a notice and request for information (RFI) seeking comments and information from interested parties to assist it in assessing potential changes that can be implemented to its Civil Investigative Demand (CID) processes.
Protected: Changes to Home Equity Lending in Texas – Extended Version
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TEXAS HOME EQUITY – F2 NOTICE FOR NON-HOME EQUITY
Complete Memorandum
TEXAS HOME EQUITY – 12-DAY NOTICE FOR HOME EQUITY LOANS
Complete Memorandum
7 TAC Chapters 80 and 81 – Texas Residential Mortgage Loan Companies
Effective January 7, 2018, the Finance Commission of Texas on behalf of the Department of Savings and Mortgage Lending revised the definition of “physical office” for residential mortgage loan companies and mortgage bankers, as follows:
Revised Texas Mortgage Company Disclosure
Effective January 7, 2018, the Finance Commission of Texas on behalf of the Department of Savings and Mortgage Lending revised the Texas Mortgage Company Disclosure (the “Disclosure”) that a residential mortgage loan originator sponsored by a Texas licensed residential mortgage loan company must give to a residential mortgage loan applicant with the initial application for a residential mortgage loan. The revised disclosure is hyperlinked to this memorandum: click here. A facsimile of the revised Disclosure is also attached to this memorandum on page 2.
CRA Asset-size Thresholds Revised for 2018
In the December 27, 2017 issue of the Federal Register (82 FR 61143, 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,” as set out below:
Asset-size Thresholds Revised for HMDA and TILA in 2018
In the December 27, 2017 issue of the Federal Register, the following annually revised asset-size thresholds were published to be effective January 1, 2018: Home Mortgage Disclosure Act/Regulation C (82 FR 61145) The CFPB has added comment -2 under the definition “Financial institution” in §1003.2(g) of the Staff Commentary to Regulation C (12 CFR part 1003) to increase the asset-size exemption threshold for banks, savings associations, and credit unions for HMDA data collected in 2018 to $45 million. Therefore, effective January 1, 2018, banks, savings associations, and credit unions with assets at or below $45 million as of December 31, 2017, are exempt from collecting HMDA data for 2018. (Note: An institution’s exemption from collecting HMDA data in 2018 does not affect its responsibility to report data it was required to collect in 2017.)