Some banks continue to press the CFPB for a reporting exemption for small banks as the rule will create additional burdens on these banks who may get frustrated and end up selling or closing their businesses.
While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts.
The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.”
The CFPB set new implementation dates for its small business lending data reporting rule and the payday lending rule. However, the new deadlines could still face court challenges.
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