CFPB Releases Strategic Plan

The Consumer Financial Protection Bureau this week released a five-year blueprint that establishes its mission, strategic goals and strategic objectives. The Bureau’s strategic plan includes three strategic goals: Ensure that all consumers have access to markets for consumer financial products and services. Implement and enforce the law consistently to ensure that markets for consumer financial … more CFPB Releases Strategic Plan

CFPB Seeks Public Input On Its Policies and Practices

The Consumer Financial Protection Bureau said this week that it will be issuing a “call for evidence” in the coming weeks to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The CFPB will publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, … more CFPB Seeks Public Input On Its Policies and Practices

CFPB Will Not Assess Penalties for 2018 HMDA Data Submissions

The Consumer Financial Protection Bureau announced today that it will not assess penalties with respect to errors in Home Mortgage Disclosure Act data collected in 2018 and reported in 2019, and will not require banks to resubmit data for that period unless errors are found to be material. Banks must begin submitting HMDA data collected in 2017 … more CFPB Will Not Assess Penalties for 2018 HMDA Data Submissions

NRMLA to CFPB: Guidance Doesn’t Go Far Enough to Protect Sensitive Data

In comments submitted to the Consumer Financial Protection Bureau, NRMLA requested that the consumer watchdog initiate formal public rulemaking that gives stakeholders the opportunity to adequately address consumer privacy dangers and data protection threats that the disclosure of expanded Home Mortgage Disclosure Act data poses. “We believe that the Bureau should undergo further and formal … more NRMLA to CFPB: Guidance Doesn’t Go Far Enough to Protect Sensitive Data

NRMLA Advocates Reverse-Specific Disclosures to CFPB

In advance of today’s public hearing of the Consumer Financial Protection Bureau’s Consumer Advisory Committee in Tampa, FL, NRMLA submitted comments urging the CFPB to replace the current disclosure regime under Regulation Z and designating reverse mortgages as a separate class of consumer credit transaction with separate, specific disclosures. “NRMLA supports clear, concise, timely, and … more NRMLA Advocates Reverse-Specific Disclosures to CFPB

New CFPB Issue Brief Questions Social Security Delay Strategy

The Consumer Financial Protection Bureau today published a report evaluating the financial impact of using HECM loan proceeds to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB also released a new video and guide explaining reverse mortgages to consumers. “For consumers whose main asset is their home, taking out a reverse … more New CFPB Issue Brief Questions Social Security Delay Strategy

CFPB Temporarily Increases HMDA Reporting Threshold

The Consumer Financial Protection Bureau today issued a rule that increases the benchmark that determines whether a financial institution must comply with new Home Mortgage Disclosure Act (HMDA) reporting requirements. NRMLA submitted comments to the CFPB on July 31 supporting the threshold increase. “We are pleased with the CFPB’s decision to increase the reporting threshold, … more CFPB Temporarily Increases HMDA Reporting Threshold

CFPB Updates HMDA Loan Scenarios Guide

The Consumer Financial Protection Bureau posted an updated version of its HMDA Loan Scenarios guide that financial institutions can use as an illustrative aid to help them file Home Mortgage Disclosure Act (HMDA) data. Last week, the CFPB updated its Resources for HMDA Filers webpage by posting new versions of the Technology Preview, Filing Instructions Guide for data … more CFPB Updates HMDA Loan Scenarios Guide