Attorneys examine US regulator moves to finalize rules, plus expectations and efforts of the compliance community in preparing for them.
Rule Overview
Jurisdiction: United States
Regulator: CFPB
Topic: Consumer Protection
CFPB Regulations 12 CFR Part 1026 (Regulation Z)This regulation is intended to promote an informed use of credit by consumers.
It also seeks to ensure that consumers are provided with more extenstive and timely information on the nature and costs of the residential real estate settlement process including more effective advance disclosure to home buyers and sellers of the settlement costs invovled.
It applies to each individual or business that offers or extends credit to consumers, with its credit offerings being a regular activity.
Attorneys examine US regulator moves to finalize rules, plus expectations and efforts of the compliance community in preparing for them.
Our in-brief roundup of notable stories from the last week.
Several US agencies rescinded Interagency Statement to clarify lenders "can't discriminate against borrowers based on prohibited characteristics."
Our in-brief roundup of notable stories from the last week.
The change came almost exactly one year after President Trump declared it federal policy to eliminate the doctrine where possible.
In a court-ordered reversal, the beleaguered agency has agreed to seek quarterly funding from the Federal Reserve after all.
Trump administration lawyers argued that because the Federal Reserve was operating at a loss, the CFPB could not request funds from it.
Failure to maintain ATOs and lack of documentation key factors in decision.