He has said the agency will aggressively make and enforce rules to keep financial institutions in check and appears to be carrying out that commitment. The Biden Administration indicated from the beginning that it would act aggressively to “ensure that regulated companies follow the law and meet their obligations to assist consumers during the COVID-19 pandemic.” As part of doing so, the Administration reversed specific policies implemented by the CFPB during the Trump years and said it would remedy racial inequity in practices and policies of the financial services industry.Ĭurrent CFPB director, Rohit Chopra, is leading the charge to increase rules and enforcement actions. The increasing regulations and enforcement by the CFPB are not surprising. Increasing CFPB Regulations And Enforcement Are Not Surprising This number stands in stark contrast to the Trump presidency when 22 final and interim rules were approved during that administration’s first three years in office. In the Administration’s first year alone, the CFPB approved 18 final and interim rules. Since the Biden Administration moved into the White House, the CFPB has once again become a federal government priority. 31, 2019Ībility-to-Repay and Qualified Mortgage Rule Assessment Report – Jan.As additional rules and regulations continue to be put in place by the Consumer Financial Protection Bureau (CFPB), and the agency’s enforcement approach becomes more aggressive, in-house attorneys at financial institutions throughout the country can help their institutions maintain compliance by understanding new regulations, changes to existing rules that call for increased compliance and proposed new rules. Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z) (Advance Notice of Proposed Rulemaking) – Jul. 24, 2013Ībility-to-Repay and Qualified Mortgage Standards Exemptions Under the Truth in Lending Act (Regulation Z) – Jun. 1, 2013Īmendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) relating to State law of Regulation X's servicing provisions – Jul. 3, 2014Īmendments to the 2013 Mortgage Rules Under the Equal Credit Opportunity Act (Regulation B), Real Estate Settlement Procedures Act (Regulation X), and the Truth in Lending Act (Regulation Z) – Oct. 2, 2015Īmendments to the 2013 Mortgage Rules Under the Truth in Lending Act (Regulation Z) Small servicer definition – Nov. 25, 2016Īmendments Relating to Small Creditors and Rural or Underserved Areas Under the Truth in Lending Act (Regulation Z) – Oct. Operations in Rural Areas Under the Truth in Lending Act (Regulation Z) – Mar. Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): Extension of Sunset Date – Oct. Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition – Dec. Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition – Dec.
Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition Delay of Mandatory Compliance Date – Apr.
January 2013 final ruleĪbility to Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z) – Jan. The ATR/QM Rule also defines several categories of “qualified mortgage” loans, which obtain certain protections from liability. The Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule) requires a creditor to make a reasonable, good faith determination of a consumer’s ability to repay a residential mortgage loan according to its terms.