The CFPB has amended Regulation Z and the commentary to the regulation with respect to mortgage servicer obligations. The amendments implements the sections of the Dodd-Frank Act addressing the following: Initial rate adjustment notices for adjustable-rate mortgages; Periodic statements for residential mortgage loans; Prompt crediting of mortgage payments; and Responses to requests for payoff amounts. This final regulation also amends current rules governing the scope, timing, content, and format of disclosures to consumers regarding the interest rate adjustments of their variable-rate

The CFPB has amended Regulation X and issued an official commentary to the regulation with respect to mortgage servicer obligations. The amendments implements the sections of the Dodd-Frank Act addressing servicers’ obligations to: Correct errors asserted by mortgage loan borrowers; Provide certain information requested by such borrowers; and Provide protections to such borrowers in connection with force-placed insurance. The regulation further addresses servicers’ obligations to: Establish reasonable policies and procedures to achieve certain delineated objectives; Provide information about

The CFPB has proposed to amend Regulation Z, which implements the Truth in Lending Act ("TILA"). As amended by Dodd-Frank, TILA requires mortgage lenders to make "reasonable, good faith determinations" that customers are able to repay loans, and establishes minimum requirements for making such determinations. The CFPB has proposed amendments to Regulation Z that would provide certain exceptions from these requirements, including exemptions for certain nonprofit creditors and certain homeownership stabilization programs, as well as an additional definition of a "qualified mortgage" for certain

FINRA has announced the launch of a pilot program offering the parties in simplified cases pro bono or reduced-fee telephone mediation. Participation in the pilot program, which began on January 15, is voluntary and open to cases involving claims of $50,000 or less. According to FINRA's press release, parties interested in participating in the pilot program can notify FINRA by visiting FINRA's artitration and meditation small claims page. Mediators would serve on a pro bono basis on cases involving claims of $25,000 or less in damages, and for reduced fees on cases with damage claims between

Following the appearance of the chief executive of the British Banking Association before the Parliamentary Commission on Banking Standards, the BBA has published a formal submission listing various options for improving standards of banking practice in the UK. The submission revolves around three main areas: Strengthening the existing regime, for instance, by closing existing gaps and expanding it to significant wholesale market transactions or dealing; Enhancing professionalism, either by increasing independent oversight or through guidance and standards set by the Financial Conduct