Equal Access to Justice Act Implementation Rule

Action: Final Rule.

A Rule by the Consumer Financial Protection Bureau on 02/10/2014.

Summary

On June 29, 2012, the Consumer Financial Protection Bureau (Bureau) published in the Federal Register an interim final rule implementing the Equal Access to Justice Act (EAJA or the Act). EAJA requires agencies that conduct adversary adjudications to award attorney fees and other litigation expenses to certain parties other than the United States in certain circumstances. EAJA also requires agencies that conduct adversary adjudications to establish procedures for the submission and consideration of applications for the award of fees and other expenses. After reviewing and considering the single public comment offered on its interim final rule, the Bureau adopts the interim final rule without change.

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Understanding Dodd-Frank
With the New Year Dodd-Frank brings new rules. January 2014 has promised to produce significant change in our industry and we want you to be ready and in the know!!! 

What is changing? Glad you asked! The CFPB rolled out seven new rules, all effective in January  2014.                    

New Rule

Effective Date

Qualified Mortgage (QM) and Ability to Repay (ATR)

January 10, 2014

Dodd Frank LO Compensation Requirements

January 10, 2014

Homeownership Counseling

January 10. 2014

HOEPA Triggers

January 10 2014

ECOA Appraisals

January 18  2014

TIL HPML Appraisals

January 18. 2014

Servicing

January 10, 2014

Links to help you with Dodd-Frank:
Brief Summary
Making Sense of Dodd-Frank
Preliminary 2014 Proxy Season Checklist
Ability to Repay and Qualified Mortgage Standards
Summary of the final mortgage servicing rules
Final Rules Issued by the CFPB

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