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Customer Financial Services Review

August 17th, 2020 Posted by Title Loans South Carolina No Comment yet

Customer Financial Services Review

CFPB Announces its Fall 2019 Regulatory Agenda

And also other federal agencies, the customer Financial Protection Bureau recently circulated its Fall 2019 regulatory agenda, announcing its motives on the next almost a year to deal with the GSE QM Patch, HMDA, payday/small buck loans, business collection agencies techniques, PACE funding, company financing information, and remittances. Throughout the longer-term, the CFPB suggested it may also address feedback in the Loan Originator Compensation Rule beneath the Truth in Lending Act.

  • Qualified Mortgages. The scheduled expiration of the temporary Qualified Mortgage status for loans eligible for purchase by Fannie Mae or Freddie Mac (often referred to as the “Patch”) as we have previously described, the CFPB must in short order address. The Patch is set to expire on January 10, 2021, making short amount of time to accomplish notice-and-comment rulemaking, specially on this type of complex and perhaps controversial problem. The CFPB has suggested that it’ll perhaps maybe perhaps not expand the Patch, but will look for an orderly change (rather than a difficult end). The CFPB asked for initial input that is public the summertime, and announced it promises to issue some form of declaration or proposition in December 2019. (more…)

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