Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Comments On Mortgage Borrower Counseling Rule Due Nov. 22
WASHINGTON (11/18/13)--A Nov. 22 deadline is fast approaching for credit unions and other parties interested in commenting on the Consumer Financial Protection Bureau's interim final rule, which, among other things, will require that consumers receive counseling before obtaining high-cost mortgages.
 
The interim final rule is one that has already been approved and is scheduled to take effect on Jan. 10, 2014. However, the CFPB is seeking comments from stakeholders on how they will be affected by the changes. Further changes could be adopted to the interim rule before January.
 
The interim rule also makes servicers provide periodic account statements and rate adjustment notices to mortgage borrowers, as well as engage in early intervention when borrowers become delinquent. It clarifies the specific disclosures that must be provided before counseling for high-cost mortgages can occur, and describes proper compliance regarding servicing requirements when a consumer is in bankruptcy or sends a cease communication request under the Fair Debt Collection Practices Act.
 
The interim rule also makes technical corrections to provisions of other rules. See the resource link for more detail.
 

 
 
Other Resources

CUNA Comment Call
RSS print
News Now LiveWire
NCUA announces free webinar, 'Merger Best Practices,' to be offered on Wed., Sept. 17, 2014,2 p.m. ET. 2 register: http://t.co/7NaPNVuG4u
19 minutes ago
#creditunion loan growth continues at pace not seen in years, says @CUNA's monthly estimates. See #NewsNow http://t.co/L1dBFQE5gd
30 minutes ago
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
8 29 ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
8 29 ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
8 29 ago