April 01, 2014

Compliance Monitor highlights TILA/RESPA rule

April 2, 2014 – The April NAFCU Compliance Monitor is now available, with an article focusing on CFPB's final rule on integrated Truth in Lending Act and Real Estate Settlement Procedures Act mortgage disclosures that will go into effect on Aug. 1, 2015.

NAFCU Director of Regulatory Compliance JiJi Bahhur with Kavitha Subramanian, NAFCU regulatory intern, highlight many important elements of the new TILA/RESPA mortgage disclosures requirements that credit unions should be aware of for sound compliance. The article in April's Compliance Monitor notes some of these elements and is the first in the series of articles NAFCU will publish on this rule.

Bahhur and Subramanian wrote that this new disclosure rule applies to nearly all closed-end mortgage loans and, regardless of the credit union's asset size or pricing of the mortgage, all credit unions that originate closed-end mortgage loans must comply with these new mortgage disclosure regulations.

Also included in the Monitor is an explanation of NAFCU's recently updated Credit Union Compliance GPS. The 2014 GPS has more than 100 pages of new material with seven new sections on CFPB's mortgage rules, including qualified mortgage standards, expanded sections on Regulation E and CFPB's remittance transfer rule.

Finally, the Monitor also features the "Compliance Forum" of frequently asked or particularly important compliance questions and answers from NAFCU staff. This month's "Forum" includes discussion of credit union members' checking accounts and business accounts.

A list of important compliance deadlines and upcoming NAFCU online training webcasts are also included in April's Monitor.