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Washington
Final rule analysis Disclosures for subprime loans
WASHINGTON (6/4/08)—Federal financial regulators, including the National Credit Union Administration (NCUA), have issued disclosures that financial institutions may provide borrowers who are onsidering subprime loans. These disclosures, or “illustrations,” are intended to assist credit unions and other financial institutions in implementing the consumer protection provisions of the Statement on Subprime Mortgage Lending, issued recently by the regulators, according to a final rule analysis from the Credit Union National Association. The Statement addresses risks and other issues relating to subprime mortgage lending practices, specifically for adjustable-rate mortgage (ARMs) loans. Although the Statement outlines the type of information that should be provided to consumers, the use of these specific disclosures will not be required. They are intended only to serve as illustrations of the information described in the Statement. These disclosures are effective as of May 29. Use the resource link below for more information.


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