Docs on Demand

The CFPB issued three items related to the LIBOR Transition for the sunset of LIBOR which is expected to be discontinued after 2021.

1. Proposed Rule
2. Additional FAQ Guidance
3. CHARM Booklet Revisions

Proposed rule – Amendments to Facilitate the LIBOR Transition (Regulation Z):
https://www.consumerfinance.gov/policy-compliance/rulemaking/rules-under-development/amendments-facilitate-libor-transition-regulation-z/

LIBOR Transition FAQs:https://files.consumerfinance.gov/f/documents/cfpb_libor-transition_nprm-frequently-asked-questions.pdf

Notice of Availability of Revised Consumer Information Publication (CHARM Booklet):
https://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/notice-availability-revised-charm-booklet-publication/

Fast Facts for 2020 LIBOR Transition Rule:https://files.consumerfinance.gov/f/documents/cfpb_libor-transition_nprm-fast-facts.pdf

Amendments to Facilitate the LIBOR Transition (Regulation Z) | Consumer Financial Protection Bureau The Bureau is proposing to amend Regulation Z, which implements the Truth in Lending Act, generally to address the sunset of LIBOR, expected to be discontinued after 2021.

CFPB Provides Flexibility During COVID-19 Pandemic

The Bureau has issued several statements addressing needed flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and making changes to its supervisory activities to account for operational challenges at regulated entities.

Press release announcement and copies of the Bureau statements here:
https://www.consumerfinance.gov/about-us/newsroom/cfpb-provides-flexibility-during-covid-19-pandemic/

Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act:https://files.consumerfinance.gov/f/documents/cfpb_hmda-statement_covid-19_2020-03.pdf

Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic:https://files.consumerfinance.gov/f/documents/cfpb_supervisory-enforcement-statement_covid-19_2020-03.pdf

files.consumerfinance.gov

The CFPB has published frequently asked questions on providing Loan Estimates to consumers. Following is a link to the FAQs along with the five questions answered.
TILA-RESPA Integrated Disclosure FAQs: https://www.consumerfinance.gov/policy-compliance/guidance/tila-respa-disclosure-rule/tila-respa-integrated-disclosure-faqs/

Providing Loan Estimates to Consumers

1. When is a creditor required to provide a Loan Estimate to a consumer?

2. Can creditors require consumers to provide additional information (other than the six pieces of information that constitute an application under the TRID Rule) in order to receive a Loan Estimate?

3. Can creditors require consumers to submit verifying documents in order for the consumer to receive a Loan Estimate?

4. Is the requirement to provide a Loan Estimate triggered if the consumer submits the six pieces of information in order to receive a pre-approval or pre-qualification letter?

5. What if a creditor needs to collect additional information (other than the six pieces of information that constitute an application for purposes of the TRID Rule) or verifying documents to process a pre-approval or pre-qualification request?

TILA-RESPA Integrated Disclosure FAQs | Consumer Financial Protection Bureau Frequently asked questions (FAQs) on the TILA-RESPA Integrated Disclosure (TRID) rule, also known as Know Before You Owe (KBYO).

CFPB Publishes Resources for HMDA Filers to help Financial Institutions Report HMDA Data Collected In Or After 2017
Beginning with data collected in 2017, financial institutions will file their HMDA data with the Consumer Financial Protection Bureau rather than the Federal Reserve Board. On July 13, 2016, the FFIEC and HUD published documents on Resources for HMDA Filers to help financial institutions report Home Mortgage Disclosure Act (HMDA) data collected in or after 2017.

Also, the CFPB has made available on its website a webinar that provides an overview of the HMDA final rule and addresses institutional and transactional coverage, the data disclosure and submission process, as well as some key dates found in the final rule. Also available, is a HMDA transactional coverage chart that may be used when determining whether a transaction is reportable under HMDA.

Resources for HMDA Filers: http://www.consumerfinance.gov/data-research/hmda/for-filers

CFPB HMDA Webinar and Implementation Resources: http://www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/hmda-implementation/

The Home Mortgage Disclosure Act The FFIEC and HUD have published the following resources for financial institutions required to file Home Mortgage Disclosure Act (HMDA) data: