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Posts Tagged ‘government regulators’

CFPB Issues Exam Procedures

June 5th, 2013 Comments off

According to mortgagenewsdaily, the Consumer Financial Protection Bureau (CFPB) has issued updates regarding what examiners will be checking lenders for when the new regulations go into effect Jan. 2014. Noting these are the first of what is anticipated will be numerous updates, the examination procedures concern the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). “The CFPB recognizes that the easier we make it for financial institutions and mortgage companies to follow the new regulations, the better off consumers will be,” says CFPB Director Richard Cordray. “By releasing details of what our examiners will be looking for well in advance of the effective date of most of the rules, we are giving industry more time to adjust.” As MHProNews understands, the updates deal with compensation, appraisals, escrow accounts and qualifications for loan originators. The CFPB is coordinating its efforts with other federal government regulators that oversee financial institutions and mortgage companies to ensure there is a shared understanding of the rules.

(Image credit: HousingWire)

Dodd-Frank Spawns Burden Tracker

April 18th, 2012 Comments off

The House Financial Services Committee has developed the Dodd-Frank Burden Tracker, a method to keep tabs on the implementation of the Dodd-Frank Act. Government regulators have written 185 of the over 400 new rules and regulations required to comply with the act signed by President Obama in July 2010. According to what MHProNews.com has learned from  Committee Chairman Rep. Spencer Bachus (R-AL),  business will have to spend excessive amounts of time “dealing with all this red tape instead of engaging in the activities that grow our economy and create jobs.” Rep. Randy Neugebauer (R-TX) says, “It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal.”

(Image credit: House Financial Services Committee)