Links in “Truth in Lending Act (TILA/Regulation Z)”
- FTC Scores Hit on Payday Lenders
Two payday lenders have agreed to pay the FTC $4.4 million and to waive $68 million in loan fees to settle claims that they illegally charged inflated and undisclosed fees to consumers. In one case, the lender advertised that a $300 loan would only cost $290 to repay, when in fact borrowers paid $975. The payday lenders were also cited for Reg. Z violations for failing to accurately disclose the APR and other loan terms. [1/7/16]
- No Change To HMDA Asset Threshold for 2016
The CFPB has announced that the asset threshold for determining reporting requirements under HMDA will remain at $44 million for reporting in calendar 2016. At the same time, the CFPB also announced that the threshold for exemption from the escrow account requirement for higher-priced mortgages under Reg. Z will decline from $2.06 billion to 2.052 billion effective 12/31/2015. [12/21/15]
- One Annual Threshold Unchanged, Another Declines
HMDA asset-size exemption threshold remains unchanged at $44 million. TILA exemption threshold for escrow accounts for higher-priced mortgages declined from $2.060 billion to $2.052 billion. [12/21/15]
- Notice and Request for Comment Regarding Regulation Z
The CFPB is requesting to renew OMB approval for an information collection related to Regulation Z, titled, âLoan Originator Compensation Amendment.â Written comments regarding this request are encouraged, and must be received before February 8, 2016 for consideration. [12/9/15]
- Threshold (Non-)Changes
It's time for the annual moving (or non-moving) of the threshold amounts for various types of rules. The threshold for exempting loans from special appraisal requirements for higher-price mortgage loans will remain at $25,500 for 2016. The thresholds for Regs. Z and M also stay the same at $54,600.
- A Closer Look at the CFPB’s “Small Creditor” and “Rural Areas” Definitions
The CFPB released its final rule under Reg. Z that redefines "small creditors" and "rural areas." The rule goes into effect 1/1/16. Here's what you need to know about it. [9/25/15]
- Spanish-Language Translation of the Home Buying Information Booklet Now Available
The CFPB has made available a Spanish-language translation of the recently revised Home Buying Information Booklet required under TILA and RESPA. It is available for download on the Bureauâs website. [9/23/15]
- Reg Zâs Annual Makeover
Every year the CFPB adjusts several provisions within Regulation Z to ensure that thresholds and fees correspond with the new year. [9/21/15]
- Index to TRID Webinar Questions
Rather than publish a Q&A regarding the TILA/RESPA Integrated Disclosure rules, the CFPB held a series of five webinars in which it addressed questions, making it unwieldy for those who wished to quickly find answers to their questions after the fact. Fortunately, the CFPB has released an index to the various questions on its website. [8/17/15]
- TRID Casualty: Wells Fargo Says Bye-Bye to Closed-End Home Equity Loans
Rather than retool its closed-end home equity loan disclosures to meet new TILA-RESPA Integrated Disclosure requirements, Wells Fargo has stopped offering such loans. The company will shift its focus to its non-TRID home equity lines. [8/13/15]
