CFPB Proposes Minor Changes to Mortgage Rules

On April 20th, the Consumer Financial Protection Bureau (“CFPB”) proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. The proposal also lays out limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. CFPB Press Release.


FinCEN Rulings

On April 29th, the Financial Crimes Enforcement Network (“FinCEN”) issued rulings concerning:

  • Whether a company that provides an armored car coin and currency exchange service is a money transmitter and whether the armored car service exemption would apply to the service, FIN-2014-R008;
  • The application of money services business regulations to the rental of computer systems for mining virtual currency, FIN-2014-R007;
  • Whether a company that provides online real-time deposit, settlement, and payment services for banks, businesses and consumers is a money transmitter rather than a provider of prepaid access, FIN-2014-R006;
  • Whether a company that offers secured transaction services to a buyer and seller in a given sale of goods or services is a money transmitter, FIN-2014-R005; and
  • The application of money services business regulations to a company that offers escrow services to a buyer and seller in a given internet sale of goods or services, FIN-2014-R004.