Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau

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Photo of Consumer Financial Services Law Blog Andrew J. Buczek
Government Policy Advisor
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Showing 2 posts by Andrew J. Buczek.

House Financial Services Subcommittee Holds Legislative Hearing on CFPB Proposals

On May 21, the House Financial Services’ Subcommittee on Financial Institutions and Consumer Credit (Chairwoman Shelley Moore Capito, R-WV) held a legislative hearing entitled “Legislative Proposals to Improve Transparency and Accountability at the Consumer Financial Protection Bureau (CFPB).” The hearing focused on eleven separate Republican proposals that would seek to curtail the CFPB’s powers and increase Congressional oversight over the agency  Read More ›

House Committee Passes Consumer Mortgage Choice Act; Aims to Make Significant Changes to Qualified Mortgage Requirements

On Wednesday, May 7, the House Financial Services Committee approved H.R. 3211, the Mortgage Choice Act. The legislation was introduced by Congressman Bill Huizinga (R-MI) and makes changes to the Truth in Lending Act definition of points and fees under the Ability to Repay/Qualified Mortgage rule. Under current law, a “fee” or “point” varies greatly depending upon who is making the loan and what arrangements are made by consumers to obtain closing services. If the consumer chooses a title insurance provider that is affiliated with the lender, the title insurance charges count, but if the insurance is purchased from an unaffiliated title agency, the title charges do not count. As a result, many mortgage lenders affiliated with other settlement service providers must make difficult choices in determining how they will originate loans so as to meet the qualified mortgage (QM) requirements.   Read More ›