CFPB Proposed Modifications to Mortgage Rules

On June 24, the CFPB issued proposed clarifications and revisions to its January 2013 mortgage rules with respect to ability-to-repay and qualified mortgages. Among other items, the proposed rule would: (i) outline procedures for obtaining follow-up information on loss-mitigation activities; (ii) facilitate servicers' offerings of short-term forbearance plans; (iii) facilitate lending in rural or underserved areas; (iv) make clarifications regarding the financing of credit insurance premiums; (v) clarify the definition of a loan originator; (vi) clarify the points and fees thresholds for manufactured housing employees; and (vii) revise the effective dates for the "Loan Originator rule" and the ban on financing of credit insurance to January 1, 2014 (instead of January 10, 2014). Comments on the proposed rules must be submitted by July 22. CFPB Release. CFPB Proposed Rule. CFPB Regulatory Implementation Page.

CFTC No-Action Relief

From June 26 through June 28, the CFTC released the following no-action letters:

Basel Proposals for International Leverage Ratio and Disclosure Requirements

On June 26, the Basel Committee on Banking Supervision released for consultation its Revised Basel III Leverage Ratio Framework and Disclosure Requirements. Comments on the consultative report must be submitted by September 20. Basel Release. Basel Consultative Report.

Fed Proposal on Data Collection Requirements

On June 25, the Fed issued a proposed rule relating to data collection requirements for certain money market instruments. Comments must be submitted within 60 days of publication of the proposed rule in the federal register. Fed Release. Fed Proposed Rule.

CFPB Procedural Rule on Nonbank Supervision

On June 26, the CFPB, pursuant to the Dodd-Frank Act, issued a final rule that establishes supervisory procedures for nonbanks whose activities it has reasonable cause to determine pose risks to consumers. CFPB Release. CFPB Final Rule.