The Consumer Financial Protection Bureau today issued a long-awaited interpretive rule providing clarity on how the newly enacted Juneteenth holiday affected the timing of disclosures required for mortgage transactions in process.
Questions and answers from the July/August 2021 ABA Regulatory Policy and Compliance Inbox.
Today, a panel of representatives from the FDIC, OCC, the Federal Reserve and the Consumer Financial Protection Bureau discussed a range of issues during third day of ABA’s Regulatory Compliance Conference. Among the topics on the agenda was the newly enacted Juneteenth holiday—observed on Friday, June 18.
After advocacy by ABA, the Consumer Financial Protection Bureau issued a statement last night on mortgage closing delays that might have been caused by the abrupt enactment of the new Juneteenth federal holiday, observed yesterday.
Despite urgent requests from ABA and others, the Consumer Financial Protection Bureau has thus far indicated to ABA staff that it has no plans to issue guidance on how the newly enacted Juneteenth holiday—being observed today, June 18—affects the timing of disclosures required for mortgage transactions in process
. . . and other questions and answers from the March/April 2021 ABA Regulatory Policy and Compliance Inbox.
The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure Rule “appears to have created sizable implementation costs for lenders,” the bureau concluded in its five-year lookback assessment of the 2015 rule.
In an interpretive rule issued today, the CFPB provided guidance on how it will determine which counties qualify as “underserved” for a given calendar year, as required by Regulation Z.
The Consumer Financial Protection Bureau issued an interpretive rule yesterday clarifying that, due to the COVID-19 emergency, consumers have a greater ability to exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA integrated disclosures and Regulation Z rescission rules.
As the Consumer Financial Protection Bureau prepares to conduct its five-year assessment of the 2013 TILA-RESPA Integrated Disclosure Rule, ABA joined several other financial trade groups in an extensive comment letter detailing how the rule has imposed significant and unnecessary costs and liabilities on lenders.