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November 09, 2015
Compliance Monitor: HMDA changes, UDAAP explained
The November issue of the NAFCU Compliance Monitor features the first in a series of articles detailing the final rule reforming Regulation C and Home Mortgage Disclosure Act (HMDA) data collection requirements, written by Regulatory Compliance Counsel Victoria Daka.
CFPB has made four major changes in the final rule. Daka provides a detailed overview of two of the major changes: the changes to the types of transactions that must be reported, and the tests for determining whether a financial institution is required to report data.
In addition, the rule will require reporting of more data points. The rule also imposes quarterly reporting by credit unions that report at least 60,000 covered loans, applications and purchased covered loans, combined, for the proceeding calendar year, Daka notes.
Also in this month's Monitor, Regulatory Compliance Counsel Eliott Ponte discusses CFPB's definition of "deceptive acts or practices" in the second of a three-part series the Monitor is running on unfair, deceptive and abusive acts or practices (UDAAP).
The November issue (login required) also includes answers about registering as a mortgage loan originator and privacy notice requirements in "Compliance Forum."
CFPB has made four major changes in the final rule. Daka provides a detailed overview of two of the major changes: the changes to the types of transactions that must be reported, and the tests for determining whether a financial institution is required to report data.
In addition, the rule will require reporting of more data points. The rule also imposes quarterly reporting by credit unions that report at least 60,000 covered loans, applications and purchased covered loans, combined, for the proceeding calendar year, Daka notes.
Also in this month's Monitor, Regulatory Compliance Counsel Eliott Ponte discusses CFPB's definition of "deceptive acts or practices" in the second of a three-part series the Monitor is running on unfair, deceptive and abusive acts or practices (UDAAP).
The November issue (login required) also includes answers about registering as a mortgage loan originator and privacy notice requirements in "Compliance Forum."
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