While it may seem as though the Consumer Financial Protection Bureau (CFPB) has only been busy writing regulation as of late, they have also been putting out useful information for financial institutions. The CFPB has recently released some helpful information on the Remittance Transfer Rule. On Monday, October 15th, they released a “Small Business Compliance Guide” which provides an easy-to-use summary of its pending remittance transfer rule and highlights any issues that businesses might find helpful to consider when implementing the rule.
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With the end of the comment period quickly approaching for many of the newly proposed Consumer Financial Protection Bureau (CFPB) rules, I thought I would take the opportunity to talk specifically about one of those proposals. If you recall at the beginning of the month, I mentioned that the CFPB had proposed new rules that would amend Regulation B and the Equal Credit Opportunity Act with respects to providing appraisals and valuations to mortgage loan applicants. Along with this rule, the CFPB also issued a proposed rule on obtaining appraisals for “higher-risk” mortgage loans.
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The summer is meant for enjoying a vacation where you experience the warm beach weather and the crashing ocean waves. Unfortunately, this summer has brought waves of proposed rules that have only heated up the regulatory environment with no sandy beach in sight.
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The CFPB had a very busy week last week as some of you may have heard. They issued the supplementary final rule for remittance transfers in the early part of last week. Then as planned, they released two sets of proposed rules for mortgage servicers.
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“To bank or not to bank?” That is the question. William Shakespeare may have written these words in light of the debate brewing in the state of Vermont. It was reported last week that a state regulator had an issue with a credit union over their usage of the words “bank” and “banking.”
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When I visit credit unions, I am frequently asked to review branch signage and posted disclosures. As you may recall, I previously blogged about the HMDA Notice requirement in May. Another required notice that credit unions seem to have difficulty posting properly is the Regulation CC (Funds Availability) lobby notice.
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At the beginning of the year, it seemed like this summer was going to be a hot one in terms of compliance. You may remember that the CFPB had drawn up plans to release a few mortgage loan rules, along with some mortgage servicing rules. It may come as some good news for some that the heat will not turn up so quickly for one of these mortgage rules.
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