The risk of illegal, improper or erroneous use in the CFPB’s purchase card program is low and the risk level for the agency’s travel card program is medium, according to a recent assessment by the bureau’s Office of Inspector General. “As a result, we will include an audit of the travel card program in the OIG’s 2015 annual audit plan, and we will not include an audit of the purchase card program in that plan,” said the OIG in a new report. “Nevertheless, the Office of Procurement and the Travel Office should continue to take appropriate actions to ensure proper oversight of their respective programs.” The OIG conducted the risk assessment of the programs to determine the frequency and scope ...
TRID Projected to Cost $527 Million a Year. A new analysis of the costs of government regulation by Sam Batkins, director of regulatory policy at the center-right American Action Forum, estimates that the integrated mortgage disclosure rule promulgated last year by the CFPB will cost the industry $527 million annually. The TILA/RESPA integrated disclosure rule – or “TRID” – is scheduled to take effect Aug. 1, 2015, unless the mortgage industry can convince the CFPB to provide a delay. Elsewhere, Batkins projects compliance with all of the bureau’s 2014 regulations to cost the financial services industry $2.1 billion. All of the CFPB’s regulations since its inception in 2011 are estimated to cost $3.6 billion and 38.9 million hours to comply with. Of ...
CFPB Raises TILA Reg Z Exemption Threshold. The CFPB raised the asset size for banks exempt from the requirement to establish an escrow account for higher-priced mortgages under Regulation Z (Truth in Lending Act) from $2.028 billion to $2.060 billion, as of Jan. 1, 2015. The adjustment is based on the 1.1 percent increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2014. The adjustment to the escrow exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. CFPB Increases HMDA Reg C Exemption Threshold. The bureau slightly ratcheted up the asset- size exemption threshold for financial institutions reporting ...
Since early September, at least 14 mortgage company acquisitions have been announced publicly, according to a database of deals compiled by Inside Mortgage Trends.
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