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Informational Memorandum
Subject:Recent Consumer Financial Protection Bureau Actions
Date of Memorandum:11/14/2013
Expiration Date:
Signed By:Coleman, Robert
FCA Contact Person:Coleman, Robert
Contact Phone:703-883-4246
List of Attachments:

Printer-friendly version=> RecentConsumerFinancialProtectionBureauActions.pdf

November 14, 2013

To: Chief Executive Officer
All Farm Credit System Institutions
From: Samuel R. Coleman, Director and Chief Examiner
Office of Examination

Subject: Recent Consumer Financial Protection Bureau Actions

The purpose of this Informational Memorandum (IM) is to provide information regarding several actions the Consumer Financial Protection Bureau (CFPB) has taken since our IM dated July 18, 2013. These actions affect the various mortgage-related regulations the CFPB has issued since January 2013.

On July 24, 2013, the CFPB published, at 78 FR 44685, a final rule that amends and clarifies the Ability-to-Repay/Qualified Mortgage (ATR/QM) provisions of Regulation Z (Truth in Lending); the Mortgage Servicing provisions of Regulation X (Real Estate Settlement Procedures) and Regulation Z; and the Escrow provisions of Regulation Z. The final rule, like the regulatory provisions that it amends, will take effect on January 10, 2014. This final rule:

On October 1, 2013, the CFPB published, at 78 FR 60381, a final rule that amends and clarifies the Mortgage Servicing regulations and the Loan Originator Compensation regulation (which amended Regulation Z). Most of the final rule, like the regulations that it amends, will take effect on January 10, 2014, although certain provisions, discussed below, will take effect on January 1, 2014. The final rule:
The language of all of the CFPB’s final mortgage-related rules, together with information about these rules, can be found on the CFPB’s website, at From the home page, go to the Law and Regulation section and click on Mortgage Rule Implementation. This page consolidates all of the CFPB’s mortgage rules and related implementation materials, including summaries, compliance guides, quick reference charts, readiness guides, and other materials. The CFPB is constantly updating this page, and institutions should refer to this page frequently to ensure they have the latest information on compliance. Recently issued guidance includes an updated Compliance Guide for the ATR/QM regulations (August 14, 2013) and CFPB Bulletin 2013-12, which provides implementation guidance in implementing certain of the Mortgage Servicing rules (October 15, 2013). In addition, on October 15, 2013, the CFPB released an interim final rule regarding mortgage servicing.

The CFPB’s Director stated in a September 11, 2013 speech that its oversight of the rules “will be sensitive to the progress made by those lenders and servicers who have been squarely focused on making good-faith efforts to come into substantial compliance on time.” FCA will be attentive to the CFPB’s perspective as we begin examining System institutions for compliance with these new rules in January 2014.

The Farm Credit Administration is providing this information as a courtesy to keep you informed of issues that may affect your institution. This information should not be seen as a replacement for management's due diligence in monitoring issues that may affect your institution.

If you have any questions about this Informational Memorandum, please contact Jennifer A. Cohn, Senior Counsel, Office of General Counsel, at (703) 883-4028, or by email at; or Dan Fennewald, Director, Examination Policy Division, Office of Examination, at (952) 259-0432, or by email at