CFPB Seeks TILA/RESPA Form Input

The Consumer Financial Protection Bureau (CFPB) is developing a new single mortgage disclosure form that combines Truth in Lending Act (TILA) and Good Faith Estimate requirements. The CFPB is seeking public input on the design of a form and is expected to release a prototype in the coming weeks. As part of its outreach efforts, the Bureau recently launched a dedicated page on its website to collect input and feedback. Click here for more information.

House Panel Approves CFPB Reform Bills

On May 12, the House Financial Services Committee adopted several bills amending the structure and operations of the CFPB. The measures include:

• H.R. 1121 (The Responsible Consumer Financial Protection Act): would replace the director of the CFPB with a five person commission.
• H.R. 1315 (The Consumer Financial Protection Safety and Soundness Improvement Act): would revise the Financial Stability Oversight Council’s (FSOC) votes needed to set-aside regulations from a two-thirds to a simple majority vote of FSOC members.
• H.R. 1667 (Bureau of Consumer Financial Protection Transfer Clarification Act): requires CFPB director to be in place before the formal transfer of regulatory authority to the new authority occurs in July.

Click here for more information on these measures.

For additional information, members can contact Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.