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News Now

Washington
CFPB wants comment on lending savings privacy
WASHINGTON (6/2/11)—Regulations addressing lending, savings, and consumer privacy are among those that will be taken over when a number of finance industry oversight tasks are transferred to the Consumer Financial Protection Bureau (CFPB) on July 21, and the CFPB is seeking public comment ahead of that deadline. The Equal Credit Opportunity Act and the Fair Credit Reporting Act, as well as regulations addressing electronic fund transfers, mortgage originator registration, and mortgage assistance relief services, will also come under the CFPB’s control later this year. The CFPB in the Federal Register listed 47 rules that will become its responsibility in late July. The CFPB is taking over authority of these and other rules from the National Credit Union Administration, the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Trade Commission, and the U.S. Department of Housing and Urban Development. The list was developed after conversations with these regulators, according to the CFPB. Comments will be accepted until June 30. A final list will be published before July 21, the CFPB said. The CFPB is already developing a simplified mortgage disclosure document that combines the complicated documents required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into a single page, two-sided disclosure. The CFPB last week discussed the form with the Credit Union National Association (CUNA) just before the comment deadline for the first draft of its combined form closed. Additional drafts are scheduled to be released, and CUNA has planned to meet with the CFPB when the second draft of its mortgage form is released later this month. For coverage of CUNA’s most recent meeting with the CFPB, and the full list, use the resource links.


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