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Category: Policy and compliance |
Published

Fall 2015 rulemaking agenda

An important part of the CFPB’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.

Category: Info for consumers |
Published

New proposal to ban companies from using arbitration clauses as a free pass to avoid accountability

Buried in many contracts for consumer financial products are arbitration clauses that block consumers from seeking relief through class action lawsuits. Today, we’re releasing proposals under consideration that would stop companies from using these clauses to avoid accountability to their customers.

Category: Info for consumers | Category: Policy and compliance |
Published

The Know Before You Owe mortgage rule will take effect October 3, 2015

Today, we’re issuing a final rule delaying the effective date for the Know Before You Owe mortgage disclosure rule to October 3, 2015. The Know Before You Owe rule will improve the way you’ll receive information about mortgage loans, both when applying for a loan and when you’re getting ready to close.

Category: At the CFPB |
Published

Spring 2015 rulemaking agenda

An important part of our mandate is to make rules more effective and create new rules when necessary. Today, we’re posting a semi-annual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.

Category: Policy and compliance |
Published

Explainer: How small businesses play a role in the rulemaking process

We often hear many questions about how the rulemaking process works. We decided to write a series of posts that explain some key parts of the rulemaking process. Before we propose a rule, we’re sometimes required to organize a Small Business Review Panel so that we can hear from small businesses about the potential impacts of the rule. Small businesses provide us with valuable feedback as we write regulations to help consumer financial products and services work for Americans.

Category: Policy and compliance |
Published

Fall 2014 rulemaking agenda

Today, we’re posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government. Our regulatory agenda includes rulemaking actions in the following stages: pre-rule, proposed rule, final rule, long term actions, and completed actions.

Category: Policy and compliance |
Published

Proposed changes to our Mortgage Servicing Rules: New protections for surviving family members and other homeowners

Since the Mortgage Servicing Rules went into effect, we’ve spent a lot of time talking to consumer advocacy groups, housing counselors, mortgage servicers, and trade associations, to better understand how the rules are working and whether we should make any changes to them. As a result, we’re now proposing some changes to the Mortgage Servicing Rules. The changes are intended to smooth the path for companies to better protect consumers and comply with the CFPB’s rules.

Category: Info for consumers | Category: Policy and compliance |
Published

Prepaid products: New disclosures to help you compare options

We’re proposing new disclosure requirements that consumers would receive before deciding to open a prepaid account. Currently, each prepaid card company’s retail package discloses different information in different ways. This can be confusing if you’re trying to compare costs between prepaid accounts. Learn more about how we’re making it easier to compare options.

Category: At the CFPB |
Published

Spring 2014 rulemaking agenda

Today, we’re posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government. Under the Regulatory Flexibility Act, federal agencies are required to publish regulatory agendas twice a year.

Category: Policy and compliance |
Published

Fall 2013 rulemaking agenda

Today, we are posting a semi-annual update to our rulemaking agenda. This is in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of federal regulatory and deregulatory actions across the federal government. Portions of the Unified Agenda are published in the Federal Register, and […]

Category: At the CFPB | Category: Policy and compliance |
Published

Know Before You Owe: Just one example of our approach to policy-making

As the mortgage disclosure team said last week, we based Know Before You Owe on the idea that disclosure information is clearer when the people who will have to use those disclosures participate in designing them. We got feedback from many sources in many ways: In-person testing of the forms in cities across the country […]

Category: Policy and compliance |
Published

Know Before You Owe: preparing to finalize the new mortgage disclosure forms

Two and a half years ago, we began a line of work we call Know Before You Owe. The work that we did as part of that project helped lead us to the TILA-RESPA final rule we issued Wednesday. Among other things, that rule requires new mortgage disclosures: a Loan Estimate the consumer gets when […]

Category: Info for consumers | Category: Policy and compliance |
Published

A final rule that makes mortgage disclosure better for consumers

Today, we’re issuing the TILA-RESPA final rule. This rule improves the way consumers receive information about mortgage loans, both when they apply and when they’re getting ready to close. Alongside the rule, we’re publishing information to help industry understand what the requirements are, such as how to fill out the disclosure forms. Helping with that […]

Category: Policy and compliance |
Published

Making regulations easier to use

We write rules to protect consumers, but what actually protects consumers is people: advocates knowing what rights people have, government agencies’ supervision and enforcement staff having a clear view of what potential violations to look out for; and responsible industry employees following the rules. Today, we’re releasing a new open source tool we built, eRegulations, […]

Category: Policy and compliance |
Published

Updates to remittance transfer rule resources and a correction to the rule

We strive to make financial markets work for both consumers and the entities we regulate. Critical to that goal is making sure that businesses – both small and large – have what they need to understand and comply with our new regulations, which are designed both to help consumers and make a fair playing field […]

Category: Policy and compliance |
Published

Rulemaking agenda

Today, we are posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of federal regulatory and deregulatory actions across the federal government. Portions of the Unified Agenda are published in the Federal Register, and the full set of materials is available online.

Category: Policy and compliance |
Published

Final list of rural and underserved counties for use in 2014

Several of our rules have provisions related to mortgage loans made by creditors that during the preceding year operated predominantly in “rural” or “underserved” counties or mortgage loans made in “rural” counties. A couple months ago, we posted a list of counties determined to be “rural” or “underserved” during 2012 for purposes of applying the affected provisions during 2013. We are posting the 2014 list today.

Category: Policy and compliance |
Published

Launch of new mortgage rule implementation page

Today, we are announcing our new Regulatory Implementation page which consolidates all of our new 2013 mortgage rules and related implementation materials. This is an effort to support rule implementation and ensure that industry is ready to comply with the new borrower protections.