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- CFPB Enforces RESPA, Fines Homebuilder for Real Estate Kickbacks (5/20/13)
The Consumer Financial Protection Bureau (CFPB) ordered a Texas homebuilder, Paul Taylor to pay more than $118,000 for accepting illegal referral fees through partnerships with Benchmark Bank and Willow Bend Mortgage Company. The settlement resolves violations of the Real Estate Settlement Procedures Act (RESPA) which prohibits payment or acceptance of any fee to refer customers for real estate settlement services (including but not limited to mortgage loans). The settlement amount of $118,194.20 is the full amount Paul Taylor received since early 2010 from the kickback schemes.
- CFPB Clarifies 2013 Escrows Final Rule, Issues Final List of Rural, Underserved Counties (5/20/13)
The Consumer Financial Protection Bureau on May 16 issued a final rule clarifying technical aspects of its escrow rule. CFPB also released a final list of rural and underserved counties to use in conjunction with the regulation. The escrow rule, which goes into effect June 1, generally extends the required duration for escrow accounts on higher-priced mortgage loans from one year to a minimum of five years. The rule exempts from its requirements such loans made by certain small creditors that operate predominately in rural or underserved counties included on the list. CFPB also announced that it is planning to issue a final rule on the ATR/QM and Servicing rules sometime in June. For questions, contact ABA's Krista Shonk.
- ABA: Revise Proposed Changes to CRA Q&As (5/17/13)
ABA recommended the banking agencies substantially revise proposed changes to the CRA Q&As. The FDIC, Federal Reserve and OCC suggested updating their guidance to encourage additional community development activities, but ABA questioned whether the changes would have the intended result. ABA was especially concerned about the proposal to ensure banks first address activities in their assessment area, pointing out that the language "in lieu of" would be far more likely to discourage banks from engaging in efforts outside their assessment area, contrary to what the agencies intended. ABA also strongly objected to a proposal that would treat community development negatively under some performance contexts and imply a duty to include community development lending as a mandatory part of lending test performance. ABA supported an agency proposal to make it easier to identify individuals and communities eligible for community development efforts and recommended favorable consideration for programs that supported USDA school lunch programs and Medicaid recipients. ABA also urged the agencies to be more flexible in permitting credit for investments in nationwide funds.
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