May 30th, 2019
The CFPB has got its agenda locked in for the next year, and they have 5 main focuses that loan originators and lenders should keep an eye out for. Check them out below:
New Home Mortgage Disclosure Act (HMDA) Rules: These new rules would relax some data collection requirements for some smaller entities that meet the bureau’s requirements.
Debt Collection Rule: This rule would protect consumers against harassment by debt collectors, as well as give clear options to address or dispute debts.
Property Assessed Clean Energy (PACE) Financing: The PACE program, which allows homeowners to get financing to make home improvements that increase their home’s energy efficiency. The rule would see provisions added to PACE regulations in order to give the CFPB more oversight over the program. One such provision would be an ATR rule.
Remittance Transfer Rule: This rule would require that companies who send international remittance transfers on behalf of consumers must disclose certain things, such as the amount of certain fees, the exact exchange rate, and other such information.
Rescinding Provisions in the 2017 “Payday, Vehicle Title, and Certain High-Cost Installment Loans” Rule": This CFPB hopes that by rescinding some of the requirements on payday loans, single-payment vehicle titles, and long-term balloon payment loans, consumers would have easier access to credit.
What do you think about these targeted goals?