THE CFPB RULES!

ImpactsUpon the Title Insurance Industry

presented by

LAWRENCE C. BELL, ESQ.

Vice President, Senior Underwriting Counsel, Stewart Title Guaranty Company

  1. US Government reacts to the 2008 financial and economic crisis 5 Minutes
  1. Creation of Financial Crisis Inquiry Commission (“FCIC”) and Published Findings
  2. Enactment Dodd-Frank Wall Street Reform & Consumer Protection Act
  1. What is in Dodd-Frank? 5 Minutes

A.Title I - establishes Financial Stability Oversight Council (“FSOC”) to identify systemic risks, promote market discipline, and respond to emerging threats to the stability of U.S. financial system.

  1. Title II - intended to put an end to “too big to fail” financial institution bailouts.
  2. Title III - restructures the financial regulatory system; increases deposit insurance to $250,000 per account.
  3. Title IV - tightens regulatory requirements for investment advisors.
  4. Title V -creates Federal Insurance Office (“FIO”) to advise Treasury and FSOC on major domestic and international insurance policy issues.
  5. Title VI - tightens banking regulations.
  6. Title VII - regulates derivatives/swaps.
  7. Title VIII - regulates “financial market utilities” (“FMUs”)
  8. Title IX - strengthens SEC so that it can better protect investors;
  9. Titles X - creates the Bureau of Consumer Financial Protection (“CFPB”).
  1. The Consumer Financial Protection Bureau 5 Minutes
  2. Framework, Hierarchy, Staffing , Accountability, Powers
  3. CFPB Statutory Objectives
  4. Takeover of the FDIC; Federal Reserve; FTC; GAO; OCC; the SEC; and Treasury
  5. Takeover of HUD; RESPA; and TILA –
  6. CFPB Oversight 5 Minutes
  7. Credit card agreements
  8. Prepaid credit cards
  9. Prepaid cell phone cards
  10. Student loan origination
  11. Student loan servicing
  12. Debt collection
  13. Debt relief / counselors
  14. Foreclosure relief
  15. Payday loans
  16. Credit reporting
  17. Mortgage servicing
  18. Mortgage origination – NEW RULE RELEASED 10 Minutes
  19. New Loan Estimate disclosure
  20. New Closing Disclosure form
  21. New Responsibility for delivery
  22. New “HUD Line” numbers
  23. New APR calculation
  24. New 3-Day rule
  25. New Affiliate Tolerances
  26. New Exceptions to Tolerances
  27. New Recordkeeping rules
  28. New Data Format Requirements
  29. Review of New Forms . 10 Minutes
  30. Loan Estimate
  31. Closing Disclosure
  32. CFPB Enforcement Powers and Activities. 5 Minutes
  1. HUD RESPA Enforcement transferred to CFPB – Staff and Cases
  2. Dodd-Frank Section 1053 Enforcement Powers & Penalties
  1. 2013 Most Recent Developments 10 Minutes
  2. Implementation timeframes
  3. The Qualified Mortgage Rule
  4. Ability-to-repay standards
  5. Wrap-up and Questions5 minutes