In the June 24, 2022, issue of the Federal Register (87 FR 37700) the Consumer Financial Protection Bureau (Bureau) published a...
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Loans in Areas Having Special Flood Hazards; Interagency Flood Insurance
On May 31, 2022, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board),...
CFPB Circular 2022-03— Credit Decisions Based on Complex Algorithms
On May 26, 2022, the CFPB issued Circular 2022-03 explaining a creditor’s responsibility to comply with ECOA’s requirement to...
5-23-22 CFPB Issues Interpretive Rule on State Enforcement of Consumer Financial Protection Laws5-23-22 Rev 5-26-22 CFPB Issues Interpretive Rule on State Enforcement
On May 19, 2022, the Consumer Financial Protection Bureau issued an Interpretive Rule providing the following interpretations to...
5-10-22 Rev 5-18-22 CFPB Issues Advisory Opinion on Coverage of ECOA
On May 9, 2022, the Consumer Financial Protection Bureau issued a press release advising lenders of the CFPB’s published...
CFPB Issues Advisory Opinion on Coverage of the Equal Credit Opportunity Act and Regulation B
On May 9, 2022, the Consumer Financial Protection Bureau issued a press release advising lenders of the CFPB’s advisory opinion...
CFPB Supervisory Highlights – Mortgage Origination
On May 2, 2022, the Consumer Financial Protection Bureau released its Supervisory Highlights report on legal violations...
Joint Financial Regulatory Agencies propose amendments to §153.1(2) (Business Day Definition) Concerning Home Equity Lending
In the March 25, 2022, Texas Register (47 Tex.Reg 1556), the Finance Commission of Texas and the Texas Credit Union Commission...
CFPB Updated Examination Manual Adds Unfair, Deceptive, or Abusive Acts or Practices Examination Procedures (UDAAPs)
On March 16, 2022, the CFPB published a press release announcing its updated examination manual (click here) that includes...
CFPB Issues Prepaid Interest Factsheet for Use in Price-based General QM APR Calculations
This memorandum notifies those clients who make or will make qualified mortgages (QM) subject to the price-based General QM...