The Consumer Financial Protection Bureau recently released its Fall regulatory agenda, announcing its intentions over the next several months to address the GSE QM Patch, HMDA, payday/small dollar loans, debt collection practices, PACE financing, business lending data, and remittances along with other federal agencies. Within the longer-term, the CFPB suggested it might even deal with feedback regarding the Loan Originator Compensation Rule underneath the Truth in Lending Act.
- Qualified Mortgages . The scheduled expiration of the temporary Qualified Mortgage status for loans eligible for purchase by Fannie Mae or Freddie Mac (often referred to as the вЂњPatchвЂќ) as we have previously described, the CFPB must in short order address. The Patch is defined to expire, making short amount of time to accomplish notice-and-comment rulemaking, specially on this kind of complex and perhaps controversial problem. The CFPB has suggested it will maybe maybe maybe maybe not expand the Patch, but will look for an orderly change (rather than a difficult end). The CFPB asked for initial general public input over the summertime, and announced so it promises to issue some sort of declaration or proposition.
- Home Loan Disclosure Act . The CFPB promises to pursue several rulemakings to deal with which organizations must report home loan information, what information they have to report, and exactly exactly exactly exactly what information the agency is going to make general public. First, the CFPB announced formerly it was reconsidering different components of the 2015 major fortification/revamping of HMDA reporting (some вЂ“ yet not all вЂ“ of which had been mandated because of the Dodd Frank Act). The CFPB announced its intention to deal with in one single rule that is finaltargeted for the following month) its proposed two-year expansion associated with short-term limit for gathering and reporting information on open-end credit lines, while the partial exemption conditions for several depository institutions that Congress recently enacted.