Tag Archives: CFPB

New HMDA Tools

house.1jpgThe Consumer Financial Protection Bureau (CFPB) has made available a second webinar on the 2015 HMDA final rule (which in large part becomes effective Jan. 1, 2018) that discusses identifiers, as well as other data points including those related to applicants and borrowers. The webinar is pre-recorded and can be viewed on-demand on YouTube here.

In addition, the CFPB has created and made available on its website a chart to illustrate the options a financial institution has for collecting and reporting ethnicity and race information under current Regulation C, Regulation C effective Jan. 1, 2018, and the CFPB’s Official Approval Notice (issued on Sept. 23, 2016). The new one-page chart, titled “Collection and Reporting of HMDA Information about Ethnicity and Race” can be found on the CFPB HMDA implementation page here.

CFPB Incentive Compensation Bulletin

moneyThe Consumer Financial Protection Bureau (CFPB) issued a bulletin (CFPB Compliance Bulletin 2016-03 on Nov. 28, 2016) outlining expectations for incentive compensation programs. The bulletin compiles guidance previously issued by the CFPB and highlights examples from the agency’s supervisory and enforcement experience. The CFPB said that properly managed incentive programs can benefit both companies and customers, and that the types of incentive programs used by banks vary widely, but cautioned that inadequate oversight or setting unrealistic goals could lead to consumer harm. To ensure consumer protection, the CFPB reiterated its expectation that banks using incentive programs have proper compliance management systems in place to monitor and quickly respond to any potential violations of consumer protection laws.

Mortgage Servicing Compliance Guide Updated

CFPBThe Consumer Financial Protection Bureau (CFPB) has published an updated version of its Small Entity Compliance Guide for Mortgage Servicing. The revised guide incorporates the changes to Reg. X and Reg. Z that were made as a result of the CFPB’s servicing final rule issued earlier this year.

CFPB Updates Mortgage Servicing Compliance Guide

CFPBThe Consumer Financial Bureau published an updated version of small entity compliance guide for mortgage servicing. The revised guide incorporates the changes to Regulation X and Regulation Z that were made as a result of the bureau’s servicing final rule issued earlier this year. Read the guide.

New HMDA 2018 Resources

CFPBThe Consumer Financial Protection Bureau (CFPB) continues to build its library of resources to assist HMDA reporters in transitioning to the revised HMDA data collection rules that become effective starting January 1, 2018. The CFPB has made available on its website a webinar that provides an overview of the HMDA final rule and addresses institutional and transactional coverage, the data disclosure and submission process, as well as some key dates found in the final rule. In order to facilitate access to this webinar, the CFPB has also provided a method for viewing the video on YouTube.

Also available, is a HMDA transactional coverage chart that may be used when determining whether a transaction is reportable under HMDA. In addition, the CFPB has posted a PDF of the sample demographic data collection form from Appendix B of the HMDA final rule that reporters can use to collect an applicant’s race, sex, ethnicity and age.

The webinar and other implementation resources can be found on the CFPB’s dedicated implementation webpage for HMDA here. Technical questions regarding HMDA may be submitted to the CFPB via email to HMDAHelp@cfpb.gov.

CFPB Publishes Resources on HMDA Final Rule

The CFPB has published a webinar and other resources on its website to help bankers comply with the HMDA final rule. The resources address institutional and transactional coverage, the data disclosure and submission process and key dates. Bankers can view the webinar on the bureau’s website or on YouTube. Access the resources.

CFPB Updates TRID Resources

CFPBThe Consumer Financial Protection Bureau has updated its resource page for the TILA-RESPA integrated disclosures to include updates to its question index. The updates include questions that were addressed during two TRID webinars held by the bureau this spring. View the resource page.