Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB Offers Resources To Increase QM, Remittance Reg Awareness
WASHINGTON (10/29/13)--The Consumer Financial Protection Bureau is working to increase awareness of two major topics: Qualified Mortgage (QM) standards that have created many questions for credit unions and others, and new remittance regulations, which became effective on Monday.

Many credit unions may be asking "so what exactly is a 'qualified mortgage'" as the January implementation date for new mortgage regulations approaches. A new single-page bureau release details QM basics, mandatory product feature requirements for all QMs, and the three main categories of QMs.

The CFPB release also notes that even loans that are not QMs can still be appropriate loans. "You can originate any mortgage (whether or not it is a QM) as long as you make a reasonable, good-faith determination that the consumer is able to repay the loan based on common underwriting factors. You can continue to rely on your sound, tested underwriting guidelines that you have used in the past to make loans that have generally performed well, as long as you document the information you consider," the CFPB release said.

Click to view larger image Pictured above is one of the many resources the CFPB has developed to inform consumers on the new remittance rule. This flier is in Chinese.
On Monday, the CFPB also released new fact sheets, brochures, fliers and posters to remind consumers that they "have new rights" if they send money to family or others outside the United States. Most of the resources are available in English, Spanish, Chinese, French-Creole and Tagalog.

New remittance questions and answers are also being added to the Ask CFPB and consumerfinance.gov/es Spanish-language CFPB sites. The bureau also plans to advertise the new remittance protections as the holiday season approaches.

For more, use the resource links.
RSS print
News Now LiveWire
#creditunion affinity card programs make the grade for schools See #NewsNow http://t.co/TThZIvMRTO
10 hours ago
Home-price appreciation softens further in July #NewsNow #Market http://t.co/0MXVy9sby0
11 hours ago
.@ChartwayFCU charitable arm, the We Promise Foundation, has reached the $1M fundraising milestone in a single year for the first time
12 hours ago
.@mncreditunions' Mark Cummins shares CU difference with @KIMTNews3 http://t.co/gkarhZxDRF
14 hours ago
.@LeagueofSECUs' brand campaign reaches 80M consumers #NewsNow #System http://t.co/yKmdYyXN2v
14 hours ago