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2,500 in each of the current and previous years and 14, and the amendments to supplement I to part 1003
for whom such loans account for less than 10 percent in amendatory instruction 15 are effective on
of revenues. The rule also exempts certain loans from 01/01/2020. The final rule may be viewed at:
the underwriting criteria prescribed in the rule if they https://www.gpo.gov/fdsys/pkg/FR-2017-09-
have specific consumer protections. For the same set 13/pdf/2017-18284.pdf. Federal Register, Vol. 82,
of loans along with certain other high-cost longer- No. 176, 09/13/2017, 43088-43149.
term loans, the rule identifies it as an unfair and
abusive practice to make attempts to withdraw CFPB Finalizes Amendments to Equal
payment from consumers’ accounts after two
consecutive payment attempts have failed, unless the Credit Opportunity Act Ethnicity and
consumer provides a new and specific authorization Race Information Collection.
to do so. The rule prescribes notices to consumers
before attempting to withdraw payments from their CFPB issued a final rule amending Regulation B to
account, as well as processes and criteria for permit creditors additional flexibility in complying
registration of information systems, for requirements with Regulation B in order to facilitate compliance
to furnish and obtain information from them, and for with Regulation C, adds certain model forms and
compliance programs and record retention. The rule removes others from Regulation B, and makes
prohibits 2 evasions and operates as a floor leaving various other amendments to Regulation B and its
State and local jurisdictions to adopt further commentary to facilitate the collection and retention
regulatory measures (whether a usury limit or other of information about the ethnicity, sex, and race of
protections) as appropriate to protect consumers. The certain mortgage applicants. The rule is effective on
regulation is effective 21 months after date of 01/01/2018, except that the amendment to Appendix
publication in the Federal Register, except for B removing the existing “Uniform Residential Loan
§1041.11, which is effective 60 days after date of Application” form in amendatory instruction 6 is
publication in the Federal Register. The notice may effective 01/01/2022. The final rule may be viewed
be viewed at: at: https://www.gpo.gov/fdsys/pkg/FR-2017-10-
http://files.consumerfinance.gov/f/documents/201710 02/pdf/2017-20417.pdf. Federal Register, Vol. 82,
_cfpb_final-rule_payday-loans-rule.pdf. No.189, 10/02/2017, 45680-45697.

CFPB Finalizes Amendments to CFPB Proposes HMDA Policy Guidance.
Regulation C.
CFPB proposed policy guidance that would describe
CFPB is amending Regulation C to make technical modifications that CFPB intends to apply to the loan-
corrections to and to clarify certain requirements level HMDA data that financial institutions will
adopted by CFPB’s Home Mortgage Disclosure report under the Home Mortgage Disclosure
(Regulation C) final rule (2015 HMDA Final Rule), (Regulation C) before the data is disclosed to the
which was published in the Federal Register on public. The proposal modifies modify the public
10/28/2015. CFPB is also amending Regulation C to loan-level HMDA data to exclude: the universal loan
increase the threshold for collecting and reporting identifier; the date the application was received or the
data about open-end lines of credit for a period of date shown on the application form; the date of action
two years so that financial institutions originating taken by the financial institution on a covered loan or
fewer than 500 open-end lines of credit in either of application; the address of the property securing the
the preceding two years would not be required to loan or, in the case of an application, proposed to
begin collecting such data until 01/01/2020. CFPB is secure the loan; the credit score or scores relied on in
also is adopting a new reporting exclusion. This rule making the credit decision; the unique identifier
is effective on 01/01/2018, except that the assigned by the Nationwide Mortgage Licensing
amendments to § 1003.5 in amendatory instruction 8, System and Registry for the mortgage loan
the amendments to § 1003.6 in amendatory originator; and the result generated by the automated
instruction 9, and the amendments to supplement I to underwriting system used by the financial institution
part 1003 in amendatory instruction 10 are effective to evaluate the application. The proposal also
on 01/01/2019; and the amendments to § 1003.2 in modifies the public loan-level HMDA data to reduce
amendatory instruction 11, the amendments to § the precision of most of the values reported for
1003.3 in amendatory instruction 12, the amendments certain data fields. The proposed policy guidance
to § 1003.5 in amendatory instruction 13, the applies to HMDA data to be reported under
amendments to § 1003.6 in amendatory instruction Regulation C effective 01/01/2018. CFPB will make
this data available to the public beginning in 2019.

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