The ConsumerFinancial Protection Bureau hinted this week that continuing towork on regulations addressing mortgage lending and non-bank financial institutions will dominate its work into2014.

|

The bureau on Wednesday published a semi-annual update to itsregulatory agenda.

|

The CFPB noted that it has published several new rules relatingto housing finance and said that it was working with stakeholdersto implement them and clarify parts of them that might beconfusing. The bureau also said in its Wednesday announcement thatit expected to have its reform of housing finance disclosuresfinished by early next year.

|

“We are also working to complete a rule to integrate andstreamline federal mortgage disclosures,” the CFPB update said.

|

“Pending the results of additional testing, we expect to issuethe final rule this fall, although we would not expect anyimplementation work to begin until after the January 2014 effectivedate for the earlier mortgage rules,” the agency wrote.

|

It added, “In June 2013, we issued a final rule establishingprocedures to implement our authority to supervise certainnon-banks that we have a reasonable cause to determine areengaging, or have engaged, in activity that poses risks toconsumers in connection with offering or providing consumerfinancial products or services.

|

“These procedures address issuing a notice to a non-bank that wemay have reasonable cause, and providing the non-bank with anopportunity to respond,” the CFPB wrote.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.