Compliance Newshub
Federal Legislation

The CFPB issued a technical amendment resulting from the U.S. District Court for the District of Columbia decision to vacate the 2020 HMDA Rule that increased the closed-end mortgage loan reporting threshold from 25 loans to 100 loans in each of the two preceding calendar years, which was effective July 1, 2020. The reporting threshold for closed-end mortgage loans has been set back to 25 loans, as established by the 2015 HMDA Rule. The amendment is effective on December 21, 2022.

The Federal Reserve Board has adopted a final rule implementing the Adjustable Interest Rate (LIBOR) Act which identifies benchmark rates based on SOFR (Secured Overnight Financing Rate) to replace LIBOR after June 30, 2023.

On December 13, 2022, the Consumer Financial Protection Bureau issued a technical amendment update to HMDA Regulation C to reflect the closed-end mortgage loan threshold under a recent court decision.

CFPB Blog- Woody Anglade, Patrice Alexander Ficklin, and Timothy Lambert

A blog post issued by the CFPB indicates supervisory expectations regarding a change made to the closed-end HMDA reporting threshold that resulted from a US District Court decision in the District of Columbia on September 23, 2022.

The CFPB has announced the annual adjustment to the maximum amount consumer reporting agencies may charge consumers for making a file disclosure to a consumer under FCRA Section 612(f) will increase to $14.50, effective for 2023.

The annual adjustment for the maximum "reasonable charge" on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA is increased from $13.50 to $14.50 for 2023.

The Federal Trade Commission has extended to June 9, 2023, the deadline for parts of the changes implemented to improve the data security of their customers’ personal information.

The CFPB released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022 detailing key findings, Fair Credit Reporting Act (FCRA) violations, charging of impermissible fees when homeowners went to make their mortgage payments as well as policies and procedures that may have resulted in loss of pandemic relief benefits due to garnishments or setoff practices.

A review of consumer report disputes by the Consumer Financial Protection Bureau (CFPB) indicated that many consumer reporting agencies and information furnishers are failing to adequately investigate disputes leading to higher costs and difficulties for consumers in obtaining credit; guidance on expectations involving disputes was published.

A recent risk determination by the Consumer Financial Protection Bureau (CFPB) led to changes in the procedural rule related to nonbank supervision in an effort to increase transparency.

The CFPB issued corrections to a final rule regarding Debt Collection Practices (Regulation F) that was published in the Federal Register on January 19, 2021 with the corrections being effective as of November 1, 2022.

DS News--Kyle G. Horst

The CFPB is proposing new options to strengthen consumers’ access to and control over their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act.