The Consumer Financial Protection Bureau (CFPB) has had several updates in 2020, including FAQs, TRID assessment, Regulation Z and C amendments, and more.
- October 7, 2020 - The CFPB published a set of Real Estate Settlement Procedure Act FAQs that provide an overview of the provisions included in Section 8 of the Real Estate Settlement Procedures Act (RESPA) and the respective anti-referral fee sections in Regulation X. The FAQs address compliance related to gifts and promotional activities and to marketing services agreements (MSAs).
- October 7, 2020 - The CFPB rescinded a 2015 bulletin of RESPA compliance and MSAs. The CFPB states that it "does not provide the regulatory clarity needed on how to comply with RESPA and Regulation X." However, the CFPB noted that the rescission of the bulletin "does not mean that MSAs are per se or presumptively legal." Read the full statement on the CFPB rules for RESPA marketing service agreements.
- October 1, 2020 - The CFPB published an assessment of the TRID Integrated Disclosure Rule. They found that the TRID Rule made progress toward several of its goals. The report also found that the Rule resulted in increased implementation costs for title and lending companies.
- July 28, 2020 - The CFPB's final rule amending Regulation C, which governs the Home Mortgage Discourse Act (HMDA), adjusted the institutional and transactional coverage threshold for closed-end mortgage loans and open-end lines of credit effective as of July 1, 2020. The final rule permanently raised the closed-end coverage threshold from 25 to 100 closed-end mortgage loans in each of the two preceding calendar years.
- July 17, 2020 - The CFPB is issuing a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). According to the CFPB website, "The CFPB is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule reviews the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)." The adjustments are applicable as of January 1, 2021, consistent with relevant statutory or regulatory provisions.