Newsroom
This week on the Compliance Blog: CFPB Fair Lending Report, segregation of duties, and more
As credit unions work to meet the needs of their members and communities and restore normal operations, NAFCU's award-winning Regulatory Compliance Team is keeping the industry informed of the latest developments and available resources via the Compliance Blog every Monday, Wednesday, and Friday.
Here is a roundup of the latest on the Compliance Blog:
CFPB’s 2019 Fair Lending Report: In Monday’s blog post, NAFCU Regulatory Compliance Counsel Loran Jackson reviews trends and priorities in fair lending identified in the CFPB’s 2019 Fair Lending Report. Jackson highlights the report’s updates on innovation, rulemaking and guidance, compliance, supervision and interagency efforts to support fair lending.
Property Taxes and Good Faith: NAFCU Regulatory Compliance Counsel David Park dives into one of the topics discussed at NAFCU’s Virtual Regulatory Compliance School: the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures rule (TRID). In the blog post, Park explains what constitutes "good faith" with respect to an estimate of closing costs from a lender and what that means in the context in the disclosure of property taxes under TRID. In addition, Park looks into how the property tax exception under TRID can allow for differing charges imposed upon a borrower for property taxes from what was originally disclosed in the loan estimate without any limitation – if the original disclosure was based on the best information available at the time.
Segregation of Duties for Loan Officers: In today’s blog post, NAFCU Regulatory Compliance Specialist Alma Calcano highlights NCUA’s position regarding segregation of duties for loan officers. Calcano looks to Opinion Letters from the NCUA, as well as the applicable provision in the Federal Credit Union Act, as she outlines the guidance that is currently available for credit unions better understand the process for segregating duties when it comes to loan origination.
Sign up to receive the latest Compliance Blog post in your inbox. Access more compliance resources, including a compliance calendar, final regulation summaries and more here.