While companies will inevitably have to reduce costs, industry analysts stress that it’s important that compliance policies and system remain updated and in-place.
Some banks continue to press the CFPB for a reporting exemption for small banks as the rule will create additional burdens on these banks who may get frustrated and end up selling or closing their businesses.
CFPB is investigating price gouging by private equity firms; litigation may occur between the bureau and JPMorgan Chase regarding Zelle payments; CFPB and other federal regulators release a proposed rule to standardize data submitted to federal financial agencies; CFPB proposes $3.0 million in penalties for credit repair issue.
While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts.
The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.”
A recent Supreme Court ruling that in-house adjudications seeking civil penalties entitle the defendant to a jury trial will have an impact on how the CFPB uses administrative proceedings.
The Office of the Comptroller of the Currency is reviewing its 2020 interpretation of preemption under the Dodd-Frank Act to see if any updates are needed, according to Acting Comptroller Michael Hsu.
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