CFPB Seeks Comment on International Money Transfer Market Rule

On January 31, 2014, the CFPB published a proposed rule that would amend the definition of larger participants of certain consumer financial product and service markets.

The Dodd-Frank Act authorizes the CFPB to supervise certain nonbank covered entities, including “larger participants” of markets for consumer financial products or services. The proposed rule would define a market for “international money transfers” and define “larger participants” of this market.

The CFPB seeks public comment on the proposed rule. Comments are due by April 1, 2014.

To read the proposed rule, visit: https://www. federalregister.gov/articles/2014/01/31/2014-01606/ defining-larger-participants-of-the-international- money-transfer-market

CFPB Proposes Consumer Debt Collection Survey

On March 7, 2014, the CFPB announced its intention to conduct a mail survey of consumers regarding their interactions with the debt collection industry.

Entitled, “Debt Collection Survey from the Consumer Credit Panel,” the survey will ask consumers about their experiences with debt collectors, their preferences regarding contact from debt collectors, their knowledge as to their rights regarding debt collection, and their opinions on potential regulation of the debt collection industry.

Survey data will be used in a CFPB rulemaking effort regarding debt collection.

To learn more, visit: https://www.federalregister. gov/articles/2014/03/07/2014-05010/agency- information-collection-activities-comment-request

Credit Reporting Agencies Now Accepting Supporting Documentation for Consumer Disputes

The three major credit reporting agencies--Equifax, Experian, and TransUnion--recently added a function to their consumer dispute resolution process. Now, consumers may upload, mail, or fax supporting documentation to explain the errors which they dispute.

To learn more, visit: http://www.consumerfinance. gov/blog/now-you-have-better-options-to-dispute-a- credit-report-error/

CFPB Releases Source Code for HUD- Approved Counselor Tool

The CFPB recently published the source code to their HUD-approved counsel web tool, which was released on November 8, 2013. Making the source code readily available will allow lenders to build their own tools to find the 10 closest HUD-approved housing counselors to an applicant’s location.

To download the source code, visit: https:// github.com/cfpb?utm_source=newsletter&utm_ medium=email&utm_campaign=20140306+regimp

To read more, visit: http://regreformtracker.aba. com/2014/03/cfpb-source-code-for-finding-hud. html?utm_source=regreformtracker&utm_ medium=ABA+Dodd-Frank+Tracker

CFPB to Hold Public Roundtable on Dodd- Frank

On April 3, 2014, the CFPB will host a discussion for end-users regarding the Dodd-Frank Act.

Consisting of three discussion panels, the roundtable will cover topics such as the following: the obligations of end- users regarding recordkeeping related to commodity interest and related transactions; regulation regarding the swap dealing de minimus threshold; and regulation regarding forward contracts with embedded volumatric optionality.

To learn more, visit: http://www.cftc.gov/PressRoom/ Events/opaevent_cftcstaff040314 

Regulators Release Medium-Sized Bank Stress Test Guidance

The FDIC, Federal Reserve, and OCC finalized stress test guidance for medium-sized banks, namely, institutions with assets between $10 billion and $50 billion. These institutions are required to complete their first test by March 31, 2014.

To learn more, visit: https://twitter.com/intent/tweet? text=Regulators+Finalize+Stress+Test+Guidance+fo r+Medium-Sized+Banks&url=http%3A%2F%2Fregr eformtracker.aba.com%2F2014%2F03%2Fregulators- finalize-stress-test.html&via=abaregpolicy

According to Survey, Dodd-Frank Has Significantly Increased Operating Costs for Community Banks

According to a study conducted by George Mason University on 200 banks with assets under $10 billion, the Dodd-Frank Act has had a major impact on community banks and their customers due to high compliance-related costs.

The study shows that 83% of respondents have seen compliance costs rise by 5% or more since 2010. 70% of respondents have had to add one or more full-time employees as a result of Dodd-Frank requirements. 93% stated that Dodd-Frank was at least as burdensome, if not more so, than the Bank Secrecy Act.

To learn more, visit: http://mercatus.org/publication/ how-are-small-banks-faring-under-dodd-frank

House Passes Bill Passed at CFPB Reform

The House of Representatives recently passed a bill, H.R. 3193, aimed at reforming the CFPB.

Specifically, the reforms would include replacing the director with a bipartisan five-member commission, addressing the CFPB’s consumer data collection practices, changing the Financial Stability Oversight Council voting standard, and funding the CFPB through congressional appropriations.

Although the bill passed 232-82 in the House, it is not predicted to pass in the Senate.

To learn more, visit: http://mercatus.org/publication/ how-are-small-banks-faring-under-dodd-frank

Updated Mortgage Rule Exam Procedures Released

The FDIC released revised interagency consumer compliance exam procedures for the Dodd-Frank mortgage rules that recently took effect.

To read the procedures, visit: http://www.fdic.gov/ regulations/compliance/manual/index.html

Fannie Mae Reports Overall 2013 Profits

In 2013, Fannie Mae posted $84.4 billion in overall income, with $6.6 billion in fourth-quarter profits.

To read more, visit: http://www.fanniemae.com/ portal/about-us/media/financial-news/2014/6083. html

CFPB Remarks on Mortgage Servicing Expectations

According to CFPB Deputy-Director Steve Antonakes, “business as usual has ended in mortgage servicing.” At a trade group event in Orlando, Florida, Antonakes laid out numerous expectations that the CFPB has over mortgage servicers under the January mortgage rules.

Specifically, the CFPB expects servicers to reach out to defaulted borrowers and help them understand options for avoiding foreclosure.

To read the speech, visit: http://www. consumerfinance.gov/newsroom/deputy-director- steven-antonakes-remarks-at-the-mortgage-bankers- association/

CFPB Proposing Changes to Home Mortgage Disclosure Act

The CFPB recently announced that it is exploring potential changes to the Home Mortgage Disclosure Act’s disclosure requirements. The agency is seeking input from small lenders on these changes.

The CFPB is also seeking input on improvements to the reporting, data entry, and coverage tests that determine which institutions must file HMDA data. For instance, while banks and nonbanks are currently subject to different reporting thresholds, the CFPB is considering requiring both types of entities to report if they make 25 loans or more per year.

To learn more, visit: http://files.consumerfinance. gov/f/201402_cfpb_factsheet_sbrefa.pdf

CFPB Releases Report on Problems in Mortgage Servicing

The CFPB recently released a report on issues it uncovered in the mortgage servicing industry in late 2013. During this time period, the CFPB notes that there were numerous servicer violations of Dodd-Frank’s ban on unfair, abusive, or deceptive acts and practices. This was the time period immediately prior to the implementation of the new mortgage rules.

The rules that went into effect in January require servicers to give borrowers greater access to servicing personnel, maintain accurate records, and correct errors on request.

To learn more, visit: http://www.consumerfinance. gov/newsroom/cfpb-supervision-report-highlights- mortgage-servicing-problems-in-2013/