Back on January 8th, the Consumer Financial Protection Bureau (CFPB) published its Semiannual Regulatory Agenda.
Much of its expected rule-making has since hit the World Wide Web, and PolicyWorks is reading and dissecting thousands of pages of regulation to provide you with the nuts and bolts of the rules. While others may read books, magazines or their favorite website; we read regulations. And, to some extent; we enjoy it. We’re weird like that.
Thus far in 2013, the CFPB has issued final rules related to High Cost Mortgages and Homeownership Counseling, Escrow, the Ability to Repay and Qualified Mortgage Standards, Mortgage Servicing, Disclosure and Delivery of Appraisals, Appraisals for Higher Priced Mortgage loans, and Loan Originator Compensation. They have also issued proposed revisions to the delayed Remittance Transfer rule. If their New Year’s resolution was to keep us busy, I would consider this a success.
While most New Year’s resolutions don’t last beyond the first month, the CFPB expects to see this one through. A final rule amending Regulation CC and Expedited Funds Availability is expected in August. And, perhaps the most momentous of all- the rule combining RESPA and Truth in Lending disclosures- is expected in September of this year.
These are definitely busy times in regulatory compliance, and it doesn’t appear to be slowing any time soon. (It seems as though we say that a lot, but, it continues to be true.) Be sure to keep your eye on The Works Blog, and the CFPB Regulations page for additional rules and guidance. There will be no shortage of information forthcoming in the next 12 months!