We’ve got resources to help you understand the rules and their implications, as well as links to various other helpful resources because timely and efficient regulatory implementation of new rules is an important factor in delivering consumer protections to the market.
As a result of Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, we issued a number of mortgage-related rules: Ability to Repay/Qualified Mortgages, HOEPA, Loan Originator Compensation, Servicing, and more.
The new Loan Estimate and Closing Disclosure requirements will combine two existing disclosure regimes under TILA and RESPA and make mortgage disclosure easier for consumers to understand and use.
We amended Regulation E, which implements the Electronic Fund Transfer Act and the official interpretation to the regulation. We’ve got resources to help you understand the rule and its implications, as well as links to our consumer education resources.
The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to collect, and report, information about mortgage loans and applications for public disclosure. The new rule issued on October 15, 2015, will make changes to what institutions and transactions are covered, and when institutions report.
Implementation at the CFPB
If the whole point of our regulations is to protect consumers and promote fair, transparent, and competitive markets, then we should care about how well the rules are understood and implemented, how operational issues can be more easily addressed, and the amount of effort required. And we have shown that we do care deeply about these things.
—Director Richard Cordray