Regulatory News

The Mortgage Bankers Association wants targeted reforms to the TRID rule, RESPA’s kickback provisions and administrative adjudication.

The MBA has released a new paper recommending improvements to several Consumer Financial Protection Bureau (CFPB) regulations.

Read on for details from the paper, which stemmed from the detailed responses MBA submitted to the series of 12 requests for information (RFIs) the bureau released in 2018 seeking suggestions on supervisory practices and regulations.

The Federal Financial Institutions Examination Council (FFIEC) members recently issued a new policy statement to provide more consistency, clarity and ease of reference for examination reports. 

The federal banking agencies are rescinding their 1993 Interagency Policy Statement on the Uniform Core Report of Examination (ROE), and replacing it with the new FFIEC policy statement.

Read on for details of the new set of principles that now apply to all ROEs.

The Consumer Financial Protection Bureau has released a report focusing on mortgages made to first-time homebuyers who are serving in the armed forces or are veterans.

The report marks the first time researchers have been able to provide a description and analysis of servicemembers’ mortgage choices and mortgage performance, both during and after the housing crisis of the last decade.

Read on for details from the Quarterly Consumer Trends Report.

Lawmakers and industry trade groups asked for swift regulations to protect lenders from those who default on Property Assessed Clean Energy liens, and the Consumer Financial Protection Bureau has listened.

On March 4, the CFPB issued an advanced notice of proposed rulemaking on residential PACE financing.

Read on for details on the ANPR, the next step in the bureau’s efforts to implement the Economic Growth, Regulatory Relief and Consumer Protection Act as quickly as possible.

New Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger is scheduled to make her first appearance before the House Financial Services Committee on Thursday.

But Kraninger could be in for a chilly reception from Chairwoman Maxine Waters, who recently wrote an open letter to bureau employees encouraging them to become whistleblowers.

Read on for more details about what could be in store for the director, who took over for Mick Mulvaney in December.

The Consumer Financial Protection Bureau (CFPB) received 35 comments in response to a request for information (RFI) on the RESPA mortgage servicing rule assessment.

Some industry commenters suggested modifying the rule to reduce the cost of compliance. Others complained the rule is forcing many mid-size servicers out of the industry altogether.

Read on for more reaction from trade groups and others in the final edition of our five-part series highlighting aspects of the bureau’s rule assessment.

The Consumer Financial Protection Bureau (CFPB) recently published its first semi-annual report to Congress under new Director Kathy Kraninger, who described its findings as a launching pad that will provide the agency a fresh start.

The report covers CFPB activities from April 1, 2018, to Sept. 30.

Read on for takeaways from the report, as well as an update on Kraninger’s goals for the future of the agency.

Federal Student Aid (FSA) did not establish policies and procedures to mitigate the risk of noncompliance for servicing federally held student loans, according to a final audit report by the U.S. Department of Education’s (DOE) Office of Inspector General (OIG).

The DOE is asking FSA to develop a final corrective action plan to address the issues by March 13.

Read on for reaction from FSA, which argues the report is unfairly negative of its oversight efforts.

The U.S. Department of Veterans Affairs (VA) has issued final interim regulations on interest rate reduction refinance loans (IRRRLs) that took effect Feb. 15.

The rule will apply to VA cash-out refinance loan applications. After discovering questions from the industry on the interim rule, VA decided to issue guidance before it took effect.

Read on for more details from the VA’s new circular.

The National Association of Federally-Insured Credit Unions (NAFCU) has responded to the Consumer Financial Protection Bureau’s (CFPB) proposal to revive its no-action letter policy. 

The NAFCU said the CFPB's proposed policy guidance to streamline outdated or ineffective regulations in the policy could improve traditional products and services. 

Read on for details from the NAFCU’s reaction to the proposal, which also introduces the Product Sandbox, which details limited exemptions or safe harbors for financial institutions.