August 24, 2014

TILA/RESPA closing disclosures featured in Compliance Monitor

Aug. 4, 2014 – The August edition of NAFCU's monthly Compliance Monitor is now available and focuses on the closing disclosure requirements under the Truth in Lending Act and Real Estate Settlement Procedures Act final rule.

The lead article of the Monitor, written by NAFCU Director of Regulatory Compliance JiJi Bahhur, addresses the general requirements of the new closing disclosures, including timing and delivery requirements and the consumer's ability – under certain circumstances – to waive the waiting period usually required before consummation.

"There are a number of requirements that creditors need to be aware of when dealing with a transaction that requires a Closing Disclosure," Bahhur wrote. She explained in her article the timing requirements, business day definition, consummation and a consumer's waiver of a waiting period.

This month's Monitor also contains the Compliance Forum, which consists of questions and answers fielded by NAFCU's compliance team. For example, NAFCU's team answers the question: "How long do we need to keep copies of the closing disclosure?" by explaining that closing disclosures and all related documents need to be kept a minimum of five years under the new TILA/RESPA rule.

Upcoming compliance dates for August and current pending regulations are also listed in the Compliance Monitor.

NAFCU's compliance team also highlights the association's upcoming Regulatory Compliance Seminar, October 14-17 in Baltimore. To save $100, enroll by Aug. 22.