Written by JiJi Bahhur, Director of Regulatory Compliance
TILA/RESPA Integrated Disclosure Forms Guide. Last Thursday, the CFPB released a guide to assist with the completion of the new Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosure forms. The guide provides instructions for completing loan estimate and closing disclosure forms as well as models and samples of these forms. The guide comes as a companion to the recently released Small Entity Compliance Guide which we blogged about here.
It is important to note that the TILA/RESPA rule does not allow creditors the ability to comply early. In other words, creditors may not use the new integrated disclosures prior to the rule’s effective date, August 1, 2015. Between now and then, creditors should follow the current disclosure requirements under Regulations Z and X, and use the existing forms for applications received before the effective date.
NAFCU’s compliance team recently made available a scope and applicability chart and the first of a series of articles on the TILA/RESPA integrated disclosure rule. NAFCU’s resources on the TILA/RESPA integrated disclosure rule can be found here. We will continue to update this page with any NAFCU-created resources as they become available.
NCUA’s Board Meeting Agenda. NCUA’s April Board Meeting will take place tomorrow, Thursday, April 24, 2014. Matters to be considered during the open session include, among other items, the following:
- Proposed Rule, Appendix B of Part 701, Associational Common Bond Requirements.
- Final Rule, Part 702, Credit Union Capital Planning and Stress Testing.
We’ll be sure to blog on the outcome of the meeting once that information is available.
Deadline Approaching! Submit First Quarter 2014 Call Report and Profile Info by Friday! The deadline for submitting first quarter 2014 Call Report and Profile information is Friday, April 25th (11:59:59 pm, Eastern Daylight Time).
Credit unions that fail to meet the filing deadline may potentially be subject to civil money penalties. According to the April 2014 NCUA Report, “each penalty will vary based on the reason for the delay or inaccuracy, ranging from $10 per day to a maximum of $1 million per day or one percent of total assets, whichever is less.”
For more information on this issue, take a look at the related Letter to Credit Unions (14-CU-03) here.
Past Due Twin Check-In. I’ve received some emails that I’m past due for sharing more pictures of the twins. My sweet buds, Kyse and Ava, turned 20 months old on Easter Sunday. Here are a few recent photos!