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Comp Blog

New - Jan. 10: ATR/QM Rules Effective Today / CFPB Updates Consumer Publications

By: Danielle Wright

CommentFriday - January 10, 2014

Image817ATR/ QM Rules Go Into Effect Today

The rule requires credit unions and others to assess a member's ability to repay based on specific criteria such as current or reasonably expected income or assets, credit history, employment status, current debt and other related factors that credit unions routinely consider when originating a loan.

Check out CUNA’s Compliance Mortgage Resource Page for CFPB rules – a one-stop shop to assist you, the link to the page is available here.

In case you missed it, NCUA has released three regulatory alerts this week here.

CFPB Revises Consumer Booklets

In today’s Federal Register, the CFPB has announced a notice of availability of three updated consumer publications.  Updates were to a consumer information brochure and two booklets under RESPA, TILA and Regulation Z.  Earlier versions of the publications may still be used, but if reprinting the most recent versions should be used.   The announcement in the Federal Register is here.  






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