Page 3 - July 2017

Agencies Request Comment on Call contracts entered into more than 180 days after that.
Report. The notice may be viewed at:
http://files.consumerfinance.gov/f/documents/201707
_cfpb_Arbitration-Agreements-Rule.pdf.
The Board of Governors of the Federal Reserve
System (FRB), the Federal Deposit Insurance CFPB Finalizes Amendments to TILA-
Corporation (FDIC), and the Office of the RESPA.
Comptroller of the Currency (OCC) have issued a
notice to announce they seek comment on the CFPB has issued a final rule modifying the Federal
information collection titled Consolidated Reports of mortgage disclosure requirements under the Truth in
Condition and Income (Call Report). The Agencies Lending Act and the Real Estate Settlement
are also giving notice that they have sent the Procedures Act (TILA-RESPA) that are implemented
collection to OMB for review. Comments are due in Regulation Z. This rule memorializes CFPB’s
08/28/2017. The notice may be viewed at: informal guidance and makes additional clarifications
https://www.gpo.gov/fdsys/pkg/FR-2017-06- and technical amendments on various issues
27/pdf/2017-13442.pdf. Federal Register, Vol. 82, including affiliate charges, calculating cash-to-close
No. 122, 06/27/2017, 29147-29177. table, construction loan instructions, placement of
decimal places and rounding, escrow account
CFPB Finalizes Rule on Arbitration disclosures, escrow cancellation notices, expiration
Agreements. dates for the closing costs disclosed on the loan
estimate, treatment of gift funds, payment ranges on
the projected payments table and informational
The Bureau of Consumer Financial Protection updates to the loan estimate. This rule also creates
(CFPB) has issued a final rule to regulate arbitration tolerances for the total of payments, adjusts a partial
agreements in contracts for specified consumer exemption mainly affecting housing finance agencies
financial products and services in the core consumer and nonprofits, extends coverage of the TILA-
financial markets of lending money, storing money, RESPA integrated disclosure requirements to all
and moving or exchanging money. First, the final cooperative units, and provides guidance on sharing
rule prohibits covered providers from using an the integrated disclosures with various parties
agreement with a consumer that provides for involved in the mortgage origination process. The
arbitration of any future dispute between the parties final rule is effective 60 days after date of publication
to bar the consumer from filing or participating in a in the Federal Register. Mandatory compliance is
class action concerning the covered consumer effective 10/01/2018. The notice may be viewed at:
financial product or service. Second, the final rule https://s3.amazonaws.com/files.consumerfinance.gov
requires covered providers that are involved in an /f/documents/201707_cfpb_Final-
arbitration pursuant to a pre-dispute arbitration Rule_Amendments-to-Federal-Mortgage-Disclosure-
agreement to submit specified arbitral records to Requirements_TILA.pdf.
CFPB and to submit specified court records. CFPB is
also adopting official interpretations to the regulation.
The rule’s effective date is 60 days following
publication in the Federal Register and applies to

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