Written by JiJi Bahhur, Director of Regulatory Compliance
There’s nothing better than a quick, but solid burst of information on a lovely Friday (okay, that’s a stretch . . . but hopefully an attention-grabber for those of you who are eagerly awaiting the weekend to begin).
Earlier this week, the Consumer Financial Protection Bureau (CFPB) updated both its Small Entity Guide for the Truth-in-Lending Act / Real Estate Settlement Procedures ACT (TILA-RESPA) Integrated Disclosure Rule and its Guide to Forms. Prior to this September 2014 update, the last editions were published in March 2014 and April 2014, respectively.
New to its available resources, the CFPB also released a timeline to assist with understanding the time requirements under the TILA-RESPA rule. If you’ve been following NAFCU’s TILA-RESPA blog series, you’ve seen that there are a number of different timeframes that creditors, such as credit unions, need to be aware of. The CFPB’s timeline shows how to apply the process and timing requirements under the TILA-RESPA rule for a specific real estate purchase transaction.
Just a friendly reminder, the TILA-RESPA rule goes into effect on August 1, 2015. It seems like a ways away, but there is plenty that credit unions can be doing right now towards implementation (sounds like an opener for a near future blog)!
For past blogs on this rule, take a look here.
Don’t wait until the last second. At almost 2,000 pages long, start preparing now to meet the requirements of the new TILA-RESPA Integrated Disclosure Rule. This vital webcast will give you a better understanding of the new rule and how your credit union will need to respond to it. This is one of the most important issues your credit union may face in the coming months — but we’ll offer solutions to help you and your colleagues sleep at night.
It's Been a While. Okay, it’s been a while but I’ve finally been able to glance through some recent photos of the kiddies. Now two years old, here are a couple recent photos of my twins, Kyse and Ava.