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CFPB Proposes New RESPA/TILA Rule and Disclosure

Jul
19
CFPB Proposes New RESPA/TILA Rule and Disclosure

The Consumer Financial Protection Bureau (CFPB) on July 9, 2012 issued its much anticipated proposed rule and forms to combine certain disclosures required under the Real Estate Settlement Procedures Act (RESPA) with disclosures required under the Truth in Lending Act (TILA), as required by the Dodd-Frank Act.  The proposal also addresses new disclosure requirements required by the D

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CFPB Issues a Proposal to Implement Recent Changes to HOEPA

Jul
16
CFPB Issues a Proposal to Implement Recent Changes to HOEPA

During the week of July 9, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to amend Regulation Z and Regulation X to implement the Dodd-Frank Act's amendments to TILA and RESPA regarding high-cost mortgage loans.  The Dodd-Frank Act am

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RESPA/TILA Know Before You Owe Project - Update

Jul
13
RESPA/TILA Know Before You Owe Project - Update

On July 6, the Consumer Financial Protection Bureau (CFPB) posted another blog entry giving more details on the specifics behind the entire Know Before You Owe mortgage disclosure project.  The CFPB states that “Soon, [it] will submit a Notice of Proposed Rulemaking to the Federal Register to begin the public notice–and-comment process.”  Notably, the CFPB also indicates that wh

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CFPB Issues New Mortgage-Related Proposals

Jul
13
CFPB Issues New Mortgage-Related Proposals

On July 10, 2012,  the Consumer Financial Protection Bureau (CFPB) proposed easier-to-use mortgage disclosure forms that will help consumers make informed dec

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Upcoming CUNA Comment Letter to CFPB on Prepaid Cards

Jul
12
Upcoming CUNA Comment Letter to CFPB on Prepaid Cards

Credit Union National Association (CUNA) continues to seek input from credit unions on their regulatory comment call on the Consumer Financial Protection Bureau (CFPB’s) advance notice of proposed rulemaking (ANPR) regarding prepaid cards.  CUNA is also working with the CUNA Payments Policy and Consumer Prote

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Upcoming Rulemakings from the CFPB

Jul
11
Upcoming Rulemakings from the CFPB

Credit Union National Association's (CUNA) Regulatory Advocacy Department has developed a chart for credit unions and leagues to use which highlights various rulemaking projects that are being undertaken by the Consumer Financial Protection Bureau (CFPB), as required by the Dodd-Frank Act.  While the chart continues to evolve, the latest version outlines each of the rulemaking initia

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CFPB Requesting Additional Data on Mortgage Lending

Jul
10
CFPB Requesting Additional Data on Mortgage Lending

The Consumer Financial Protection Bureau (CFPB) is requesting additional data on mortgage lending in conjunction with its rulemaking efforts on the ability to repay proposal.   Credit Union National Association (CUNA) requested an extension of this comment period, set to expire Monday, and they have additi

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CUNA Meets with the Consumer Financial Protection Bureau

Jul
06
CUNA Meets with the Consumer Financial Protection Bureau

On June 25, the Credit Union National Association's (CUNA) Regulatory Advocacy group met with top officials of the Consumer Financial Protection Bureau's (CFPB) regulatory division to discuss a range of issues of concern to credit unions.  Leading off with serious concerns about the direction the agency may be going in regulation of overdraft issues, CUNA previewed its comment lette

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CUNA Files Comments on CFPB's Data Collection of Overdraft Protection

Jul
05
CUNA Files Comments on CFPB's Data Collection of Overdraft Protection

On June 29, the Credit Union National Association (CUNA) filed a comment letter with the Consumer Financial Protection Bureau (CFPB) in response to its request for information on overdraft protection programs and practices.

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Interagency Mortgage Servicing Guidance Issued

Jun
30
Interagency Mortgage Servicing Guidance Issued

The Federal Reserve Board (Fed) joined together with the Consumer Financial Protection Bureau (CFPB), NCUA, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to issue guidance relating to certain mortgage servicing practices.  Specifically, the guidance addresses risks related to military homeowners who have informed their loan servicer that they have received Permanent Change of Station (PCS) orders and who might seek assistance with their mortgage loans.

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