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Customer Financial Services Review

Tuesday, August 18th, 2020

Customer Financial Services Review

CFPB Announces its Fall 2019 Regulatory Agenda

The Consumer Financial Protection Bureau recently released its Fall 2019 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 in 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 “Patch”) as we have previously described, the CFPB must in short order address. The Patch is placed to expire on January 10, 2021, 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 perhaps not expand the Patch, but will look for an orderly change (in the place of a tough end). (more…)