News & Analysis as of

Mid-South Regulatory Compliance Group Quarterly Report Vol. 12 No. 1

In this Report: - CFPB Adopts Final Changes to TILA-RESPA Integrated Disclosure Rule - “Know Before You Owe” Deadline Disclosure - TILA-RESPA Disclosure Compliance Guides Available - What Constitutes...more

CFPB Finalizes TILA-RESPA Integrated Mortgage Disclosure (TRID) Amendments

As previously reported in our Special Alert on January 20, the CFPB finalized certain amendments to its TRID rule, which combines the mortgage disclosures consumers receive under the Truth in Lending Act and the Real Estate...more

CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules

On January 20, the Consumer Financial Protection Bureau (CFPB) finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers...more

CFPB Finalizes Minor Changes to “Know Before You Owe” Rules

On January 20, CFPB finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after...more

Supreme Court Decides Jesinoski v. Countrywide Home Loans, Inc.

On January 13, 2015, the U.S. Supreme Court held that borrowers exercising their right to rescind a loan under the Truth in Lending Act must provide written notice to their lender within the three-year rescission period but...more

The Supreme Court Just Held That TILA Rescission Is Accomplished With Notice Alone

Until today, courts were split over what steps borrowers must take to rescind a home loan. Some courts had ruled that a borrower simply had to send a rescission notice to his creditor within three years after taking out a...more

Proposed Changes to the TILA-RESPA Integrated Disclosure Rule

On October 10, the CFPB issued a proposal to modify and make technical amendments to the TILA-RESPA Integrated Disclosure Rule, issued in November of 2013. Specifically, the CFPB proposes to (i) relax the timing requirements...more

Special Alert: Proposed Amendments to the TILA-RESPA Integrated Disclosure (“TRID”) Rule, Transcript of CFPB Webinar on the Loan...

BuckleySandler is pleased to announce our new TILA-RESPA Integrated Disclosure (“TRID”) Resource Center. The TRID Resource Center is a one-stop shop for TRID issues, providing access to BuckleySandler’s analysis of the TRID...more

CFPB Proposes Changes to TILA-RESPA Integrated Disclosures Rule

The CFPB has issued two proposed changes to the TILA-RESPA Integrated Disclosures Rule (Final Rule) that will be effective for applications received on or after August 1, 2015: (1) an adjustment to the timing requirement for...more

CFPB Provides Guidance on the New Loan Estimate

On October 1, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or...more

VA Announces Upcoming Changes to ARM Disclosure Regulations

On September 5, 2014, the Department of Veterans Affairs (VA) announced in Circular 26-14-25 that it intends to clarify its interest-rate adjustment, disclosure, and notice requirements for ARM and hybrid ARM mortgage loans...more

CFPB Adjusts CARD Act, HOEPA, And Ability To Repay Thresholds

On August 14, the CFPB issued a final rule to re-calculate certain threshold amounts under Regulation Z. With respect to certain amounts under the CARD Act, effective January 1, 2015, the minimum interest charge disclosure...more

No RESPA Respite - Continued

The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA. In this case, an on-line retail mortgage company, the company’s...more

Early TIL and Non-Obligors

Should non-obligors to a residential mortgage receive the early Truth in Lending Disclosures? - Two months ago, I posed this question to the CFPB with my thinking that the answer should be “no.” Imagine my surprise when...more

Seventh Circuit Rules on Right to Rescind under the Truth in Lending Act

The United States Court of Appeals for the Seventh Circuit affirmed a lower court’s ruling conditioning a borrower’s right to rescission under the Truth in Lending Act on the borrowers’ tendering repayment of the principal...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

CFPB publishes guidance regarding RESPA-TILA integrated disclosure forms

The CFPB recently published guidance (the Guide) to assist mortgage originators and settlement service providers in completing the Loan Estimate and Closing Disclosure forms required under the RESPA-TILA Integrated Disclosure...more

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

Financial Services Law -- Dec 09, 2013

#Badidea: JPMorgan Chase Stumbles on Twitter - JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....more

CFPB Issues Mortgage Disclosure Forms

The CFPB announced that it finalized a rule creating mortgage disclosure forms that integrate the requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act. The final rule creates two forms: the...more

Financial Services Bulletin: Action At The CFTC And CFPB

CFTC Proposes Registered Futures Association Membership Rules - On Friday, November 8, 2013, the Commodity Futures Trading Commission (the "CFTC") proposed amending its regulations to require that all persons...more

More on the final RESPA-TILA integrated disclosures rule

As we previously reported, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule on November 20. The rule will be effective for applications received on or after...more

CFPB's New Regulations Will Affect Local Banks and Small Servicers

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more

CFPB Implements New Mortgage Disclosure Rules and Forms

The CFPB issued its "Know Before You Owe" rule on November 20, 2013. The center pieces of the rule are the Loan Estimate form, which replaces the early Truth in Lending statement; and the Good Faith Estimate and the Closing...more

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