CFPB seeks to enhance complaint database by allowing consumer feedback on complaint handling process

Consumers will be able to rate how an institution resolves their complaint

On August 1, 2016, the Consumer Financial Protection Bureau (CFPB) published1 a notice and request for comment in the Federal Register on a proposal to enhance its consumer complaint database.  The change would allow consumers to rate an institution’s performance in handling and responding to a consumer’s complaint.  The proposed enhancement, which could impact an organization’s reputational risk, is intended to give consumers the option to highlight an institution’s positive behavior when resolving a consumer complaint by using a one to five rating scale with an option to provide a narrative to support the consumer’s rating.  Comments must be submitted on or before September 30, 2016.

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Impact of updates to the CFPB “Know Before You Owe” mortgage disclosure rule

Posted by John Graetz, Advisory principal, Deloitte & Touche LLP on August 12, 2016

The Consumer Financial Protection Bureau’s (CFPB) “Know Before You Owe” mortgage disclosure rule became effective in October 2015.  During the implementation of the rule, financial institutions encountered scenarios where the path to compliance was complex and resulted in uncertainty on the part of lenders and vendors, as well as additional costs due to revised disclosures.  On July 29, 2016, the CFPB proposed1 updates intended to formalize guidance on the rule and provide greater clarity and certainty in four key areas as follows: Continue reading “Impact of updates to the CFPB “Know Before You Owe” mortgage disclosure rule”

CFPB issues final rule amending the Home Mortgage Disclosure Act (HMDA)

Low-angle view of hospital sign

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule with significant amendments to the Home Mortgage Disclosure Act (HMDA). The 796-page document includes new and clarified reporting requirements that are likely to have a major impact on financial institutions. Some key changes include:

New coverage criteria for institutions. The new criteria will significantly increase the number of non-banking institutions that are required to collect and report HMDA data. However, banking institutions that originate a very low number of covered loans (fewer than 25 per year) will no longer be subject to the reporting requirements.

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Regulators Propose New Reporting Requirements for Home Mortgages

Regulators Propose New Reporting Requirements for Home Mortgages

On July 24, 2014, the Consumer Financial Protection Bureau (CFPB) proposed amendments to the Home Mortgage Disclosure Act (HMDA), including new and clarified reporting requirements that could have a major impact on financial services firms. Although the CFPB hinted that a new rule was forthcoming, the size and scope of the proposed changes took many industry observers by surprise.

A detailed document that includes all 573 pages of the proposed rule can be downloaded from the CFPB website; however, the key changes can be summarized and grouped into five broad categories:

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