01/10/12: CFPB issues final rule on mortgage lending and borrowers' ability to repay. So far the bureau has only released statements and summaries. There is a hearing slated for 11 a.m. Eastern in Baltimore, and CFPB Director Richard Cordray will address it there. The bureau is also issuing proposed amendments for comment.
The final rule, issued under the Dodd-Frank Act, gives the characteristics CFPB will require for mortgages defined as a "qualified mortgage" and which QM products will be eligible for a safe harbor vs. a presumption of compliance. One of the proposed amendments would define certain loans by small credit unions and community banks as qualified mortgages.
The press release gives an overview on this as well as proposed amendments being released today.
The final rule takes effect next January. The proposed amendments, if they are also finalized, will take effect at that time as well.
Thursday, January 10, 2013
Friday, December 21, 2012
Proposed delay, changes for CFPB international remittance rule
12/21/12: Electronic Fund Transfers (Regulation E). CFPB. The CFPB is proposing a delay in the Feb. 7, 2013, effective date of tis international remittance rule. It also proposes rule changes. Comments on the delay are due 15 days after publication in the Federal Register; comments on the rule changes are due 30 days after said publication.
Court order against Payday Loan Debt Solution, CFPB announcement
12/21/12: Court order against Payday Loan Debt Solution Inc. CFPB announcement. The CFPB says this is the first time it has joined with state attorneys general in filing suit to enforce consumer financial protection laws. The firm noted here is a debt relief service provider that says it can help consumers with payday loan debts, and the bureau says the enforcement action was based on violations of the Federal Trade Commission telemarketing sales rule, Dodd-Frank Act and state laws. (Several states joined in to enforce their own laws). Under the court order:
- a $5,000 penalty must be paid to the CFPB Civil Penalty Fund;
- the firm is prohibited from engaging in future unlawful actions;
- $100,000 in advance fees must be refunded to consumers.
CFPB on gift cards
12/21/12: Gift cards explained. This is a brief look at how gift cards vary and what consumers should know in choosing them. Tips for protecting investments in these items are also provided. This is a quick, easy-to-read set of guidelines that credit union members would find helpful. Read the CFPB blog post for details. HTML
CFPB headquarters supervision offices
12/21/12: CFPB realigns headquarters supervision offices. The CFPB had organized its HQ supervisory staff according to type of institution supervised: nonblanks and large banks (and credit unions, of which only a handful are directly affected currently). Now, the headquarters staff are allocated to examination and policy. Read the CFPB's Dec. 17 blog post for more details. HTML
NCUA sues former CU executive
12/21/12: NCUA sues former CEO of Texans CU, which is under conservatorship. NCUA says David Addison breached his fiduciary duty to members and was “grossly negligent.” It says these actions led to $16 million in losses for the institution.
NCUA material loss review, Eastern New York FCU
12/21/12: NCUA material loss review of Eastern New York FCU. NCUA's office of inspector general provides findings on what led to this credit union's failure. PDF
OFAC blocked person information; Federal Register notice
CFPB policy proposal, trial disclosures; Federal Register notice
Consumer credit report fees; Federal Register notice
Tuesday, December 18, 2012
CFPB mortgage policy field hearings
12/18/12: CFPB plans field hearings on mortgage policy. Announcement. Fields hearings are scheduled 01/10/13 in Baltimore and 01/17/13 in Atlanta.
NCUA letter on expiration of corporate CU share guarantee, unlimited coverage of some transaction balances
12/18/12: Scheduled Expiration of the Temporary Corporate Credit Union Share Guarantee and Unlimited Insurance on Noninterest-Bearing Transaction Accounts. NCUA Letter to CUs 12-CU-14. Both programs are due to expire Dec. 31.
NCUA projections for 2013 assessments
12/18/12: Projected 2013 NCUSIF Premium and Corporate Stabilization Fund Assessment Range. NCUA Letter 12-CU-13. 12/2012.
2013 NCUA Board meetings
12/18/12: NCUA schedule of 2013 board meetings. Schedule is subject to change.
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