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CFPB news briefs
Friday, March 8, 2019 6:45 AM

CFPB releases FAQs for complying with TRID Rule change

On Feb. 1, 2019, the Consumer Financial Protection Bureau released four FAQs relating to the TILA-RESPA Integrated Disclosure (TRID) rule. One FAQ covers a TRID Rule change created by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act.

Three questions pertain to corrected Closing Disclosures and the waiting period before mortgage loan consummation. Certain changes require a credit union to ensure members receive a corrected Closing Disclosure at least three business days before consummation. Other changes require credit unions to provide a corrected Closing Disclosure at or before consummation.

The fourth question addresses whether use of a model form provides a safe harbor if the form does not reflect a TRID rule change finalized in 2017. Appendix H to Regulation Z includes blank and non-blank model forms. If a credit union accurately completes the applicable model form, it meets the safe harbor.

The CFPB provides a wide array of materials to help you understand, implement, and comply with the TRID Rule. To access those resources, visit consumerfinance.gov.

CFPB publishes lists of rural, underserved counties; updates web tool

On Feb. 12, the Consumer Financial Protection Bureau published the 2019 list of rural and underserved counties, and a separate 2019 list that includes only rural counties. The CFPB also updated its rural or underserved areas tool for 2019.

The final lists can help credit unions determine whether a property is in a rural or underserved area for purposes of applying certain regulatory provisions related to mortgage loans. The CFPB issues new lists annually for creditors to use during the applicable time frame. Your credit union may rely on the more comprehensive website tool to provide a safe harbor determination whether a property is in a rural or underserved area.

If your credit union makes at least one first-lien mortgage loan secured by a property located in a rural or underserved area during 2019, it qualifies as a creditor operating in a rural or underserved area during 2020 and for loan applications received before April 1, 2021.

Access the 2019 list.

Access the rural and underserved areas tool.