Customer Financial Services Review

Customer Financial Services Review

CFPB Announces its Fall 2019 Regulatory Agenda

The Consumer Financial Protection Bureau recently released its Fall 2019 regulatory agenda, announcing its intentions over the next several months to address the GSE QM Patch, HMDA, payday/small dollar loans, debt collection practices, PACE financing, business lending data, and remittances along with other federal agencies. Within the longer-term, the CFPB suggested it may also deal with feedback from the Loan Originator Compensation Rule beneath the Truth in Lending Act.

  • Qualified Mortgages. Once we have actually formerly described, the CFPB must simply speaking order address the planned termination regarding the temporary Qualified Mortgage status for loans qualified to receive purchase by Fannie Mae or Freddie Mac (also known as the “Patch”). The Patch is scheduled to expire on January 10, 2021, making very little time to accomplish notice-and-comment rulemaking, especially on this type of complex and issue that is arguably controversial.