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AAF: Home Mortgage Disclosure (Reg C) Costs Lenders $1.3 Billion (8.3 Million Paperwork Hours)

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

How much is Washington DC adding to cost of the home mortgage lending business? Better known as regulatory burden?

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According to the American Action Forum, home mortgage disclosure (Reg C) has cost $1.3 billion so far with 8.3 million paperwork hours.


What is Reg C? The Bureau of Consumer Financial Protection (or CFPB) is amending Regulation C to implement amendments to the Home Mortgage Disclosure Act made by section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1094 of the Dodd-Frank Act, the Bureau is adding several new reporting requirements and clarifying several existing requirements. The Bureau is also modifying the institutional and transactional coverage of Regulation C. The final rule also provides extensive guidance regarding compliance with both the existing and new requirements.

And it isn’t over. The arbitration agreements measure has generated significant controversy since the Consumer Financial Protection Bureau (CFPB) first proposed banning arbitration agreements from certain consumer financial products on May 24, 2016. Because the rulemaking is still under comment, there is no timeline for a final rule.

There is no doubt about it. Congress, the Administration and the regulatory bodies love to regulate and create massive paperwork and compliance hours.

And as The Carpenters crooned, “They’ve Only Just Begun.” And with no restrictions on their rule making authority, Richard Cordray and the CFPB are sitting “On top of the world.”

Here is a photo of Richard Cordray who is the first director of the Consumer Financial Protection Bureau. He was also Attorney General for The State of Ohio.


Excuse me. After listening to two Carpenters songs, I will to take an Insulin shot.

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