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This year, the Consumer Financial Protection Bureau has initiated and published several rules and updates to rules for the mortgage industry in order to streamline the process for industry professionals and consumers alike. According to the latest regulatory agenda published semi-annually, the Bureau has a several upcoming initiatives that may come into fruition in the coming months and years.
The agenda reports that after this summer’s Notice of Proposed Rulemaking for the “Know Before You Owe” mortgage disclosure rule and subsequent comment period, the Bureau is reviewing all comments to ensure a streamlined process. But this isn’t the only mortgage rule getting revamped.
“The Bureau is working particularly intensely on planning for implementation of its rule to implement Dodd-Frank Act amendments to [Home Mortgage Disclosure Act],” says the report. “The Bureau has already released a small entity compliance guide in connection with the rule, which was finalized in October 2015. Though certain elements of the rule take effect in January 2017, most new data collection requirements take effect in January 2018.”
The agenda notes that the CFPB in tandem with the implementation of the regulatory changes is planning to “streamline and modernize” the HMDA data reporting processes. The CFPB also adds that it is conducting outreach with the industry in preparation for these changes.
Further, the report states that the Bureau is continuing to create policies that will better establish “nonbank supervisory authority.” The CFPB reports that it is doing this by defining larger participants of certain markets that are subject to the Bureau’s supervisory authority.
“The Bureau expects that its next larger participant rulemaking will focus on the markets for consumer installment loans and vehicle title loans for purposes of supervision,” says the agenda. “The Bureau is also considering whether rules to require registration of these or other non-depository lenders would facilitate supervision, as has been suggested to the Bureau by both industry groups and consumer advocates.”
