By: Elva Coffey-Sears
Published just last week, the CFPB’s Spring 2015 Rulemaking Agenda contains information relating to five regulatory revisions, one final rule and four pending proposals. The final rule, TRID, has been and continues to be the focus of industry attention, but we mustn’t lose sight of the four pending proposals! Following is a brief summary of the pending rules; full details can be accessed through the links provided at http://www.consumerfinance.gov/blog/spring-2015-rulemaking-agenda/.
A final rule to amend HMDA as required by the Dodd-Frank Act is expected in late summer 2015. The proposed rule, published in August 2014, requires more frequent reporting by large-volume institutions, standardizes institutional coverage across depository and non-depository institutions, changes transactional coverage and expands data elements required to be reported.
Scheduled for fall 2015, the Bureau will amend the regulatory definitions of “small creditor” and “rural and underserved areas” for purposes of certain special provisions and exemptions from various requirements provided to certain small creditors with respect to escrow requirements for higher-priced mortgages, ATR rules and HOEPA.
In spring 2016, we can expect to see a final rule detailing technical amendments to mortgage servicing under RESPA and Regulation Z, including force-placed insurance notices, policies and procedures, early intervention, loss mitigation requirements and periodic statements. These amendments will also clarify servicing requirements for successors in interest, bankruptcies and communications under the Fair Debt Collection Practices Act.
Also anticipated in early 2016 is a final rule establishing consumer protection for prepaid financial products, such as general-purpose reloadable prepaid cards and digital and mobile wallets. These protections include error resolution, limitations on liability for lost and stolen cards and the provision of information about account activity. Further, it clarifies that Regulation Z ATR, disclosure requirements and other limitations relating to credit cards will apply to prepaid products accessing overdraft services or offering credit features for a fee.