Links in “Agencies”

HUD has published a final rule which removes its regulations previously authorized under the Real Estate Settlement Procedures Act of 1974 (RESPA), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), and the Interstate Land Sales Full Disclosure Act (ILSFDA). Responsibility for administration of these statutes, including authority to issue regulations, was transferred to the Consumer Financial Protection Bureau (CFPB) pursuant to title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). [6/16/14]

House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter today to CFPB Director Richard Cordray once again pressing the CFPB for information about its March 2013 auto finance guidance and its actions since that time to pursue allegedly discriminatory practices by auto finance companies. That guidance sought to publicly establish the CFPB’s grounds for asserting violations of ECOA against bank and nonbank auto finance companies for the alleged effects of facially neutral pricing policies. [6/16/14]

HUD report on housing sales for May show positive overall trends in the housing market. More homeowners have positive equity, foreclosures continue their downward trend, and sales of new and existing homes are rebounding. [6/16/14]

This morning, on the notorious Friday the 13th, the CFPB released its updated agenda highlighting anticipated topics of focus for the period of April 1, 2014–March 31, 2015. In addition to implementing additional and improved mortgage reforms, the CFPB plans to implement regulatory efforts in other consumer markets and also plans to place efforts on modernizing and streamlining regulations. This agenda will be updated again in the fall of 2014. [6/13/14]

The NCUA Board will be considering one final rule and three proposed rules at its June 19^th board meeting. The final rule concerns voluntary liquidations, while the proposed rules focus on asset securitization, appraisals and the safe harbor provision under the involuntary liquidations rule. [6/13/14]

The House appropriations bill includes an amendment that prohibits the Department of Justice from using funding to enforce disparate impact actions. The bill now moves to the Senate. [6/13/14]

The Federal Reserve Board has invited comments on a proposed rule to modify regulations regarding capital planning and stress testing for institutions. Among other proposed changes, the new rule would shift the start date from October 1 of a calendar year to January 1 of the following year. The change also outlines the filing dates for institutions based on size of assets. Comments on the proposal will be accepted until August 11, 2014. [6/13/14]

The CFPB ordered a New Jersey company to pay $30,000 for paying illegal kickbacks for referrals. Stonebridge, the company charged with violating RESPA, has allegedly paid more than 20 independent salespeople commission for bringing additional business to the company. The CFPB commented that efforts will continue to be made to protect consumers and to enforce RESPA's provisions will continue. [6/13/14]

The CFPB seeks information about how consumers are using mobile financial services to access products and services, manage finances, and achieve their financial goals with a focus on economically vulnerable consumers. The 90-day comment period end on  September 10, 2014. [6/12/14]