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CUNA Seeks Your Comments on Mortgage Closing Process


The Consumer Financial Protection Bureau (CFPB) is planning to develop a more streamlined, efficient and educational mortgage closing process. To assist in understanding what consumers find most problematic about the current closing process, the Bureau has issued a Notice and Request for Information seeking input on 17 questions covering:

Posted By Sharon Bahr read more

CFPB and NCUA Adopt Supplemental Rule on Appraisals for "Higher-Priced Mortgage Loans"


The Consumer Financial Protection Bureau (CFPB), National Credit Union Administration (NCUA), and other federal financial regulators adopted a supplemental rule that amends Reg Z-changes made by a January 2013 final rule* regarding appraisals for “higher-priced mortgage loans” (HPML)— formerly referred to as “higher-risk mortgages.” For certain mortgages with an APR that exceeds the average prime of

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Missouri Federal Lawmakers Urge CFPB to Delay Mortgage Rule Implementation


Six Missouri U.S. House members, along with U.S. Senator Roy Blunt (R), have signed on to letters urging the Consumer Financial Protection Bureau (CFPB) to delay implementation of new mortgage rules. The rules are set to take effect January 2014.

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Standards for Assessing Credit Unions' Diversity Policies & Practices


As reported previously, National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Fed, Office of the Comptroller of the Currency (OCC), and Securities Exchange Commission (SEC) have proposed joint standards for assessing the diversity policies and practices of the entities they regulate.

Posted By Sharon Bahr read more

CFPB Issues Additional Changes to Mortgage Rules


The CFPB released another final rule amending its Ability-to-Repay, Mortgage Servicing and Mortgage Loan Originator final rules, which were originally finalized in January of this year. The latest final rule provides:

Posted By Sharon Bahr read more

MCUA Comments on CFPB Telephone Survey Regarding Dispute Resolution Provisions


On August 6, 2013, the Missouri Credit Union Association (MCUA) filed a comment letter on the Consumer Financial Protection Bureau's (CFPB) request for approval by the Office of Management and Budget (OMB) for the CFPB to conduct a telephone survey.

Posted By Sharon Bahr read more

CFPB Issues New Clarifications to Mortgage Rules


Last week, the Consumer Financial Protection Bureau​ (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules.

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Financing Credit Insurance on Mortgage Loans - Rule Takes Effect in June


The Credit Union National Association's (CUNA) Regulatory Advocacy group continues to urge the Consumer Financial Protection Bureau (CFPB) to provide flexibility to credit unions regarding two practices relating to covered mortgage-related insurance: adding a monthly charge for credit insurance premiums to the loan balance; and charging a fixed monthly fee for the credit insurance that does not decline as the loan balance decreases.

Posted By Sharon Bahr read more

Mortgage Compliance Guides Coming Soon


Missouri credit unions will have access to plain language compliance guides and other materials from the Consumer Financial Protection Bureau’s (CFPB) Mortgage Rule Implementation.  Starting the week of April 8, the CFPB will release compliance guides for recently finalized mortgage rules, as well as updates of the official interpretations, examination procedures, and other materials.

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