|| NAFCU's Steve Van Beek (right, shown with
Regulatory Compliance Counsel Bernadette Clair)
took members through an overview of three CFPB-
proposed mortgage rules. - NAFCU photo
Sept. 7, 2012 – Credit unions participating in NAFCU’s Sept. 5 webcast, “Inside the CFPB’s Mortgage Proposals,” learned how three key proposals are expected to change requirements for mortgage servicers and lenders under the Truth in Lending Act and Real Estate Settlement Procedures Act.
Steve Van Beek, NAFCU’s regulatory compliance director, focused his webcast presentation on the potentially most important proposed changes ahead for credit unions. For mortgage servicers, those include new TILA and RESPA requirements for prompt crediting of payments and the provision of payoff statements; adjustable-rate mortgage adjustment notices; and the periodic statement requirements.
Van Beek also detailed the CFPB’s proposed changes to rules implementing the Home Ownership and Equity Protection Act, in particular, the proposed new definition of finance charge and extended coverage to include home purchase loans and home equity lines of credit. (Van Beek pointed out the added regulatory burden is in determining whether the credit union has a loan covered by HOEPA.)
Webcast participants also received a broad overview of the CFPB’s proposal for integrated TILA/RESPA disclosures and new issues arising from these.
NAFCU has been working steadily with the CFPB since late 2010 to help mitigate the added regulatory burden on credit unions from Dodd-Frank Act rule changes and compliance requirements. Wednesday’s webcast will remain available online for one year.
Text and analysis of the CFPB proposed rules are provided in NAFCU's Regulatory Alerts (for members only).