CFPB to issue final TILA-RESPA rule
Oct. 8, 2013 – The CFPB is expected soon to release its final rules on consumer disclosure requirements under the Truth in Lending Act and Real Estate Settlement Procedures Act.
NAFCU has been in regular contact with the bureau on the rule to ensure credit unions’ concerns are addressed and help mitigate the impact of new regulatory burden. The association plans to hold educational webcasts and to provide other resources to aid credit unions’ compliance once the rule is issued.
NAFCU Senior Regulatory Affairs Counsel Tessema Tefferi said, “The final rule will make major changes in how credit unions must conduct their mortgage operations – including requiring new disclosures, and changing the timing of the mortgage underwriting process.” Tefferi said the final rule was noted in the CFPB’s semiannual regulations agenda and that the new rule is expected sometime this month.
The bureau has completed all the mortgage reform regulations required of it except this one, which will combine disclosures required under TILA and RESPA on residential mortgage loans.