The Consumer Financial Protection Bureau recently released its Fall 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. Throughout the longer-term, the CFPB suggested it might also deal with feedback regarding the Loan Originator Compensation Rule underneath 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 вЂњPatchвЂќ) as we have previously described, the CFPB must in short order address. The Patch is placed to expire, making very little time to accomplish notice-and-comment rulemaking, especially on this type of complex and perhaps controversial problem. The CFPB has suggested that it’ll maybe perhaps perhaps not expand the Patch, but will look for an orderly change (instead of a tough end). The CFPB asked for initial input that is public the summertime, and announced so it promises to issue some form of declaration or proposition.
- Home Loan Disclosure Act . The CFPB promises to pursue rulemakings that are several deal with which organizations must report home loan information, what information they have to report, and just just exactly what information the agency can make general public. First, the CFPB announced formerly it was reconsidering different facets of the 2015 fortification/revamping that is major of reporting (some вЂ“ not all вЂ“ of which ended up being mandated because of the Dodd Frank Act). The CFPB announced its intention to handle in one single rule that is finaltargeted for the following month) its proposed two-year expansion associated with short-term limit for gathering and reporting information on open-end personal lines of credit, as well as the partial exemption provisions for several depository institutions that Congress recently enacted.