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Tag Archives: TILA

CFPB Files Brief to Defend TILA Rights for Homeowners

The Consumer Financial Protection Bureau threw its weight into the courtroom recently by filing a friend-of-the-court brief in the U.S. Court of Appeals for the tenth circuit. The issue at stake: Whether homeowners can cancel their loans within a three-year period stipulated under the Truth-in-Lending Act ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and whether a plaintiff need sue within the same timeframe before the right of rescission expires. The case in Denver involves one Jean Rosenfield, who sued for an injunction against servicer HSBC in 2009 when an earlier notice of rescission went unnoticed by the servicer and lender.

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CFPB Convenes Panel to Review Mortgage Disclosure Forms

The Consumer Financial Protection Bureau took steps Tuesday to engage mortgage lenders by forming a small business panel to review the integration of mortgage disclosure requirements into a single uniform document. The Dodd-Frank Act obligates the bureau to streamline conflicting rules and statutory requirements from the Real Estate Settlement Procedures Act and Truth-in-Lending Act. The CFPB billed the panel as a way to increase transparency with mortgage lenders.

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With Cordray Director, CFPB Steps Up Nonbank Supervision

The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós volume of business, services, and products.

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Date: Expect Ability-to-Repay Rule in 2012

Fraud

Treasury special adviser Raj Date made headlines again after announcing Tuesday that the Consumer Financial Protection Bureau plans to finalize the ability-to-repay rule early next year. His remarks follow a series of other barnstorming speeches in the ramp-up for several rules. Once approved, the new rule, formerly proposed by the Federal Reserve, will broaden the scope of Regulation Z under Truth-in-Lending and prevent lenders from making loans to consumers without qualifying assets and income.

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CFPB Undaunted Nearly Two Months After Going Live

If recent remarks by Treasury adviser Raj Date signal anything, the Consumer Financial Protection Bureau means to press forward with the responsibilities enshrined for it under the Dodd-Frank Act. The CFPB holdover, who filled the shoes of Elizabeth Warren, now a Senate candidate, explored events in the lead-up to the controversial bureau even as an unwavering Republican opposition holds the line. Assuming responsibility for 18 consumer financial laws, the CFPB has moved forward with rules and proposals.

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Dodd-Frank Chugs Forward for Feds Despite Political Hay

As Rep. Barney Frank (D-Massachusetts) made waves this week with legislation to curb voting rights for Fed governors, key provisions under his namesake law, the Dodd-Frank Act, manifested themselves in decisions by major federal regulators. The FDIC and Federal Reserve rubber-stamped a rule that require the nation's largest banks to send up blueprints for bankruptcy, while the Consumer Financial Protection Bureau steadily moved forward with the uniform mortgage disclosure form.

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CFPB Eager to Write New Servicer Rules

In testimony before the House financial services committee and two subcommittees, Consumer Financial Protection Bureau associate director and potential nominee Raj Date made it clear that the agency plans to pounce on new rules for mortgage-servicers in July. Date described a transfer of authority to the bureau from seven agencies set to occur in July. According to Bloomberg News, the congressional committee asked Date to testify as it looks over gaps and lapses in the current body of mortgage servicing regulation.

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Fed Raises Fee Trigger for TILA and HOEPA Disclosures

The Federal Reserve is raising the dollar amount of mortgage fees that triggers additional disclosure requirements under the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). On Monday, the central bank's board of governors published its annual adjustment to the rule, bumping the amount of the fee-based trigger up 3 percent to $611, effective January 1, 2012. Currently that threshold is set at $592.

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