Bureau of Consumer Financial Protection February 2021 – Federal Register Recent Federal Regulation Documents
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Higher-Priced Mortgage Loan Escrow Exemption (Regulation Z)
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to amend Regulation Z, which implements the Truth in Lending Act, as mandated by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The amendments exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.
Role of Supervisory Guidance
The Bureau of Consumer Financial Protection (Bureau) is adopting a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance, issued by the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the Bureau (collectively, the agencies) on September 11, 2018 (2018 Statement). By codifying the 2018 Statement, with amendments, the final rule confirms that the Bureau will continue to follow and respect the limits of administrative law in carrying out its supervisory responsibilities. The 2018 Statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law. As such, supervisory guidance does not create binding legal obligations for the public. Because it is incorporated into the final rule, the 2018 Statement, as amended, is binding on the Bureau. The final rule adopts the rule as proposed without substantive change.
Privacy Act of 1974; System of Records
The Bureau of Consumer Financial Protection (CFPB or Bureau) is establishing CFPB.029, Public Health and Safety System, a system of records under the Privacy Act of 1974. This system of records maintains information collected in response to a public health emergency or similar health and safety incident, such as a pandemic, epidemic, or man-made emergency, that is necessary to ensure a safe and healthy environment for individuals who are occupying CFPB facilities, attending CFPB-sponsored events, or otherwise engaged in official business on behalf of the Bureau.
Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition; Correction
The Bureau of Consumer Financial Protection (Bureau) recently published ``Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition,'' which appeared in the Federal Register on December 29, 2020. This document corrects a scrivener's error in an amendatory instruction in that document.
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