CFPB Rule on Originator Compensation

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On January 20, the CFPB issued a final rule implanting the requirements and restrictions imposed by the Dodd-Frank Act on: (i) loan originator compensation; (ii) qualifications of, and registration or licensing of loan originators; (iii) compliance procedures for depository institutions; (iv) mandatory arbitration; and (v) the financing of single-premium credit insurance. The rules relating to arbitration and credit insurance will be effective on June 1, with the remaining provisions of the rule becoming effective on January 10, 2014. CFPB Release. CFPB Summary. CFPB Final Rule.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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