Colorado Association of REALTORS | Consumer Financial Protection Bureau
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Consumer Financial Protection Bureau Tag

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Feds Arrest Dozens in Sweeping Action Against Hackers Targeting Wire Transfers – Including Those Targeting Real Estate Transactions

The federal government announced Monday that it conducted a massive sweep and arrested nearly 75 people who allegedly participated in schemes designed to intercept and hijack wire transfers from businesses and individuals, including those involving real estate transactions.   According to the agencies, the operation, which was called “Operation Wire Wire,” also resulted in the seizure of nearly $2.4 million, and the...

Scam Alert: Emails with Fraudulent Wire Transfer Instructions

    Cybercriminals are targeting home buyers and sellers nationwide. DORA offers tips on how to protect yourself. DENVER --- The Colorado Division of Real Estate at the Department of Regulatory Agencies (DORA) warns Colorado consumers to beware of a national cyber-scam currently taking place that steals money directly from home buyers and sellers. The Division continues to receive information about this cyber scam in which cybercriminals hack...

Grace period Announced for TILA-RESPA Requirements

Consumer Financial Protection Bureau (CFPB) announced that it would be “sensitive” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation that goes into effect on August 1, 2015.   This is a welcome development that can be compared to the effective CFPB implementation of...

New TILA-RESPA Disclosures

As the requirements of the 2010 Dodd-Frank Act continue to be implemented throughout the country, most Colorado REALTORS® have a basic familiarity with the new federally mandated mortgage loan disclosures that will be required be-ginning August 1st of this year. The Consumer Financial Protection Bureau (CFPB), an independent federal agency with oversight of the US financial industry, was created by the...

CAR Provides Testimony on Construction Defects Law

Mark Trenka chair of the Colorado Association of REALTORS Legislative Policy Committee testified before Colorado law makers earlier this week regarding Colorado's construction defects law.  This big hurdle prevents building more entry-level housing, and is a defect in state law that exposes home builders and homeowners to a high risk of expensive, time-consuming litigation. It has created a climate that puts the chill on new...

Thank You for Protecting Our Country

Colorado Association of REALTORS® salutes all of the men and women of the United States military who unselfishly serve or have served this country!   Thank you! REALTORS® can also celebrate veterans this week as a celebration of 70 years of VA Home Loan benefits. The news release below from the National Association of REALTORS® describes the VA Home Loan history as...

NAR Government Affairs Update

NAR Government Affairs has been closely monitoring the implementation of rules by the Consumer Financial Protection Bureau (CFPB).  As part of the implementation of the Qualified Mortgage (QM) regulations, CFPB included in the 3% cap on fees and points, amounts paid to affiliate title companies and insurance escrows when there is an affiliate involved in the transaction.   Unaffiliated charges...

Capitol Connection: March 28, 2014

HB 1136 Passes the Senate on Third Reading CAR sponsored HB14-1136, Concerning exempting a continuing professional education program that is approved by a state professional licensing board from regulation by the division of private occupational schools in the department of higher education, passed third reading in the Senate and is waiting for the Governor’s signature.  CAR is running this piece of...

Capitol Connection: February 28, 2014

REALTOR® Day was a success! Thank you so much to everyone who attended REALTOR® Day at the Capitol this past Wednesday.  We had over 200 attendees from all across the state, and had a very successful day speaking with our Legislators. We'd like to thank Alison Felix, Assistant Vice President and Denver Branch Executive at the Federal Reserve Bank of Kansas...

Capitol Connection: February 14, 2014

Registration for REALTOR® Day Still Open! Please view a video invitation from Jeffrey Martin, 2014 Government Affairs Division Vice President, with information about key events at REALTOR® Day.  Don't miss the 2014 REALTOR® Day at the Capitol on Wednesday, February 26th at the McNichols Building and the State Capitol. Based on feedback received from local leadership, we have revamped this event...