Effective Date: January 10, 2014
The final rule implements requirements and restrictions imposed by the Dodd-Frank Act concerning loan originator compensation; qualifications of, and registration or licensing of loan originators; compliance procedures for depository institutions; mandatory arbitration; and the financing of single-premium credit insurance.
On September 13, 2013, the CFPB issued a Final Rule amending several provisions of Regulations B, X, and Z scheduled to take effect in January 2014. Some of the updates related to this Final Rule include:
- Revising the definition of “loan originator” in the regulatory text and commentary.
- Clarifying and revising the rules implementing the Dodd-Frank Act prohibition on creditors financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling.
- Effective dates: Changing the effective date for certain provisions under the 2013 Loan Originator Compensation Final Rule, so they take effect on January 1, 2014, rather than January 10, 2014, as originally provided. The affected provisions are the amendments to or additions of (as applicable) § 1026.25(c)(2) (record retention), § 1026.36(a) (definitions), § 1026.36(b) (scope), § 1026.36(d) (compensation), § 1026.36(e) (anti-steering), § 1026.36(f) (qualifications), and § 1026.36(j) (compliance policies and procedures for depository) and the associated commentary.
January 2013 CFPB Full Rule with a Final Rule Amending Provisions September 2013
CFPB Video Presentation for Loan Originator Compensation Rule
Small Entity Compliance Guide for Loan Originator Rule
September 2013 Final Rule Amending Provisions of Regulation Z
Issued: January 20, 2013
Published: February 15, 2013
Effective date: The amendments to §1026.36(h) is effective on June 1, 2013.
All other provisions of the rule are effective on January 10, 2014.
CFR parts: 12 CFR 1026
Page count: 813