WASHINGTON (1/9/13)--Mortgage rulemakings are among the top items featured on the Consumer Financial Protection Bureau's (CFPB) semiannual regulatory agenda, which was published in the Federal Register on Tuesday.
Items on the agenda that are in the final rule stage include regulatory changes that address:
- Loan originator compensation (Regulation Z);
- Mortgage servicing (Regulation Z);
- Requirements for escrow accounts (Regulation Z);
- Truth in Lending Act (TILA) ability to repay rules (Regulation Z);
- TILA/Real Estate Settlement Procedures Act (RESPA) mortgage disclosure integration (Regulation X and Regulation Z); and
- The Expedited Funds Availability Act (Regulation CC).
A regulation addressing small, women and minority-owned business lending data is also on the longer-term CFPB agenda, but may not be proposed this year, CUNA Senior Assistant General Counsel Jared Ihrig noted.
CUNA did expect the agency Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) rulemakings to be released earlier in 2013. "We were thinking perhaps mid-year, but the agenda indicates September," Ihrig noted.
The Dodd-Frank Wall Street Reform Act also called on the CFPB to amend the Home Mortgage Disclosure Act (HMDA) data collection points, but that item does not appear on the agency's latest semiannual agenda, Ihrig said.
Since the bureau's inception, the agency has also collected data and information on everything from prepaid cards, credit cards, overdraft protection, checking account disclosures, elder abuse and student lending issues. However, Ihrig said, "It's still too early to tell which of these issues may rise to the forefront after the bureau completes the mortgage-related rulemakings required by the Dodd-Frank Act."
The next agenda will be published in spring 2013 and will update the bureau action agenda through October 1.
For the CFPB agenda, use the resource link.