The Consumer Financial Protection Bureau announced Tuesday some insured depository institutions and insured credit unions will now be exempt from regulations to establish escrow accounts for some higher-priced mortgage loans. The final rule will take effect upon publication in the Federal Register, and will exempt the HPLM escrow requirement for any mortgage made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if all three of the following criteria are met:
The Consumer Financial Protection Bureau issued a final rule Tuesday clarifying that supervisory guidance is not backed by the same force as law or regulation. First proposed in October 2020, the CFPB’s final rule codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in September 2018, which clarified the differences between regulations and supervisory guidance. In 2018, five federal agencies issued a joint statement explaining the role of supervisory guidance for regulated institutions.
Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations
Consumer Financial Protection Bureau Announces Partnerships with Communities Across the Country to Promote Financial Resiliency
As reported, President-elect Joe Biden nominated Rohit Chopra, a commissioner at the Federal Trade Commission (FTC), to lead the Consumer Financial Protection Bureau (CFPB), replacing Kathy Kraninger as director (who remains in her post in a term that technically runs through 2023, but is likely to be replaced by Biden).