Consumer Compliance Outlook > 2015 > Third-Fourth Quarter 2015

Consumer Compliance Outlook: Third-Fourth Quarter 2015

Outlook Live Year in Review Letter

As 2016 is beginning, we would like to wish all of you happy holidays and a happy new year. Since Outlook Live covered most of the hot topics throughout the year in the Interagency Fair Lending Hot Topics and Common Violations and Hot Topics sessions, we will not be hosting our annual Year-in-Review webinar; however, we want to provide a year-end recap to highlight recent regulatory developments and to direct you to some additional resources. While this list is not all-encompassing, we hope you will find it useful.

• TILA-RESPA Integrated Disclosure (TRID) Rule — In coordination with the Consumer Financial Protection Bureau (CFPB), we have hosted five Outlook Live webinars on TRID, which went into effect on October 3, 2015. All five events are archived and are available for playback through our archives page. For easy access to the information covered during the webinars, we have compiled an index of questions discussed during the webinar to help you locate and access information more quickly. For additional information and resources related to TRID, please refer to the CFPB’s Regulatory Implementation page.
• Flood Insurance Rule — On October 22, 2015, we hosted an Outlook Live session titled Interagency Flood Insurance Regulation Update, in which the agencies discussed the recent updates to the flood insurance regulations. The topics included:
  • escrow of flood insurance premiums and fees;
  • force-placed flood insurance; and
  • detached structures exemption.
  Consistent with all of our events, this one has been archived and is available for replay. We have also posted an event transcript for easier access to both the discussion and the Q&As covered during the event. Because we received a large number of questions during the event, we will also be publishing a Consumer Compliance Outlook article to address the more common questions that we received.
• Home Mortgage Disclosure Act (HMDA) Final Rule — On October 15, 2015, the CFPB issued a final rule that updates the reporting requirements of the HMDA regulation. To facilitate bankers’ understanding of the rule, the CFPB has released numerous resources, including the HMDA Executive Summary, HMDA Key Dates Timeline, HMDA Compliance Guide, Summary of Reportable Data, and Institutional Coverage Charts for 2017 and 2018, all of which are posted to the CFPB’s Regulatory Implementation page.
• CFPB’s Future Rulemaking — For those of you who are interested in the CFPB’s rulemaking activity, the CFPB posted its fall 2015 rulemaking agenda on November 20, 2015. The semiannual rulemaking agenda provides an overview of the CFPB’s major rulemaking initiatives in prerule, proposed rule, final rule, long-term, and completed stages. Among its shorter-term initiatives, the CFPB expects to issue a final rule related to prepaid accounts in spring 2016 and a proposal related to payday, auto title, and similar products in the first quarter of 2016.

We are constantly trying to improve our outreach and guidance efforts and to address topics of interest to the industry, so if there are any topics you would like us to cover, please send your suggestions to fedwebinar@sf.frb.org.