Written by Steve Van Beek
With all the various mortgage proposals from the CFPB, it can be quite hard to track the proposals - including the comment deadlines. We've highlighted the actual Federal Register notices in a past blog post (now updated with the Mortgage Servicing proposals), but we also wanted to highlight the comment deadlines for you as it is extremely important that credit unions make their voices heard to the CFPB about the magnitude of these proposed changes and, more specifically, the costs and operational changes that the proposals would require.
Comment Deadlines. Below are the comment deadlines for submitting comments to the CFPB.
- September 7, 2012: High-Cost/HOEPA Proposal
- October 9, 2012: Mortgage Servicing Proposals
- October 15, 2012: Mortgage Loan Originator Proposal
- October 15, 2012: Higher-Risk Appraisal Proposal
- October 15, 2012: Regulation B Appraisal Proposal
- November 6, 2012: TILA/RESPA Integrated Disclosure Proposal
- November 6, 2012: Proposed Change to Definition of Finance Charge
NAFCU Regulatory Alerts. NAFCU's regulatory affairs team has produced Regulatory Alerts for NAFCU members on each of these proposals. You can view the Regulatory Alerts by clicking here (or download the PDFs directly from the links below):
- 12-EA-20: CFPB: Mortgage Disclosures (TILA/RESPA Integrated Disclosures)
NAFCU Webcasts. In addition to the alerts above, we are also explaining the proposed rules in webcasts. Below are two that may be of interest:
- Inside the CFPB's Mortgage Proposals - On-Demand Webcast - Special 3-hour webcast which highlights the Mortgage Servicing proposals, the High-Cost/HOEPA proposal as well as the TILA/RESPA Integrated Disclosure proposal (including a thorough discussion of how the proposed change to the definition of "finance charge" will impact your credit union).
- The CFPB's Latest Mortgage Proposals - November 7, 2012 - NAFCU's compliance team will highlight the impacts from the mortgage loan originator proposal, the higher-risk appraisal proposal and the Regulation B appraisal proposal. Sign up by October 31st and Save $100.
We'll also be discussing the TILA/RESPA Integrated Disclosures and the Mortgage Servicing Disclosures at our 2012 Regulatory Compliance Seminar in Seattle. Remember, NAFCU's webcasts and conferences are open to everyone - regardless of NAFCU membership.