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August 04, 2015
CFPB 'eClosing' forum is today at 1 p.m. Eastern
CFPB is holding a "Know Before You Owe" forum on "eClosing" today at 1 p.m. Eastern at the bureau's headquarters in Washington.
NAFCU will attend the forum, which will feature remarks from CFPB Director Richard Cordray and a panel discussion with consumer groups, industry representatives and members of the public.
The event is open to the public but requires an email to RSVP. A live video of the event will be streamed on CFPB's blog.
CFPB began a pilot eClosing program in August 2014 to see how increased use of technology could streamline the mortgage closing process for lenders and consumers. Two credit unions participated in the pilot program: Boeing Employees Credit Union and Mountain America Credit Union.
The Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rules, also known as "Know Before You Owe," go into effect Oct. 3, a delay of two months from the original deadline of Aug. 1.
NAFCU welcomed the delay when it was announced in June but said CFPB should allow early compliance and take into account credit unions' good-faith efforts to comply – beyond the Oct. 3 deadline. Both Cordray and NCUA Chairman Debbie Matz have since said they will consider good-faith efforts during the initial implementation period; however, the bureau will not allow early compliance.
The new forms combine early TILA Statement and Good Faith Estimate (GFE) disclosures into one early disclosure document, and they combine the final TILA and HUD-1 disclosures into one closing form.
NAFCU will attend the forum, which will feature remarks from CFPB Director Richard Cordray and a panel discussion with consumer groups, industry representatives and members of the public.
The event is open to the public but requires an email to RSVP. A live video of the event will be streamed on CFPB's blog.
CFPB began a pilot eClosing program in August 2014 to see how increased use of technology could streamline the mortgage closing process for lenders and consumers. Two credit unions participated in the pilot program: Boeing Employees Credit Union and Mountain America Credit Union.
The Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rules, also known as "Know Before You Owe," go into effect Oct. 3, a delay of two months from the original deadline of Aug. 1.
NAFCU welcomed the delay when it was announced in June but said CFPB should allow early compliance and take into account credit unions' good-faith efforts to comply – beyond the Oct. 3 deadline. Both Cordray and NCUA Chairman Debbie Matz have since said they will consider good-faith efforts during the initial implementation period; however, the bureau will not allow early compliance.
The new forms combine early TILA Statement and Good Faith Estimate (GFE) disclosures into one early disclosure document, and they combine the final TILA and HUD-1 disclosures into one closing form.
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