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July 2, 2013 – A plain-language walk-through of the CFPB's qualified mortgage standards is the centerpiece of the July issue of the NAFCU Compliance Monitor, released Monday.

The newsletter's top article, "Understanding the Qualified Mortgage Quagmire" by NAFCU Director of Regulatory Compliance Steve Van Beek, takes readers through a look at the basics of the CFPB's ability-to-repay requirement and proceeds to review the four categories of qualified mortgages defined by the rules, plus additional variations based on whether the loans are "higher-priced" or not.

The July issue of the newsletter also includes:

• an overview of what credit unions can expect when faced with civil investigative demands from the CFPB;
• the Compliance Forum, which draws from Q&A produced by the NAFCU compliance team as they answer member credit union inquiries;
• important compliance dates; and
• pending rules.

This month's Compliance Forum includes Q&A regarding Regulation Z rules affecting credit card applications, Regulation E requirements affecting international remittances and, among other things, bond requirements for federal credit unions.

The NAFCU Compliance Monitor is delivered each month as a benefit of membership in NAFCU.