NCUA released a regulatory alert on the mortgage servicing requirements from the CFPB under TILA. The effective date for the TILA Mortgage Servicing rule is tomorrow (January 10, 2014). In addition to the regulatory alert released late yesterday (14-RA-03).
NCUA recently released two other regulatory alerts and a supervisory letter- see below for links the 2014 Regulatory Alerts and Supervisory Letter.
Mortgage Servicing Requirements from the Consumer Financial Protection Bureau (CFPB) under the Truth in Lending Act (TILA), 14-RA-03.
New Homeownership Counseling and Consumer Protection Requirements from CFPB, 14-RA-02.
Ability-To-Repay and Qualified Mortgage Requirements from the Consumer Financial Protection Bureau (CFPB), 14-RA-01.
Supervisory Guidance on Qualified and non-Qualified Mortgages, 14-CU-01.
NCUA and CFPB Town
NCUA Board Chairman Matz and CFPB Director Cordray will host a free town hall meeting on February 12, beginning at 3 pm ET. During the webinar, participants will be able to pose questions about any topic relating to the credit union industry or the work
of CFPB. Online registration is required. The announcement is
here, and the link to register for the free town hall meeting is
CFPB: What the new mortgage rules mean to consumers
A USA Today.com opinion editorial by Director Cordray explaining what the new CFPB mortgage rules mean to consumers who are shopping for a home loan and while they own their homes and a blog post were released by the CFPB. Click
here for the Bureau’s blog post, and
here for the op-ed piece posted on the CFPB site.