CFPB Proposes Additional Revisions

On June 24, 2013, the CFPB announced another proposal to revise existing final rules with respect to ECOA (Regulation B), RESPA (Regulation X) and Truth in Lending (Regulation Z).  The proposal touches on a number of issues raised to the CFPB during the implementation process.  Here are items addressed within the proposal:

  • How a Servicer should proceed on a loss mitigation application when it is determined after the initial notification that more information is necessary;
  • How a Servicer may offer applicable short-term, temporary relief to delinquent borrowers;
  • How certain exemptions for small, rural creditors may be impacted during the Bureau’s review of how to define “rural” and “underserved”;
  • Clarifications on the financing of credit insurance premiums;
  • Definition of Loan Originator;
  • How compensation for manufactured housing employees factors into points and fees; and,
  • New effective dates for some parts of the Loan Originator Rule and the prohibition on financing credit insurance premiums.

Comments on the proposal must be received by July 22.

Diane Dean

Diane Dean

Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!

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