New Consumer Bureau Briefs CUNA, NAFCU on Combined Mortgage Form
Representatives of CUNA and NAFCU were briefed Tuesday by officials of the new Consumer Financial Protection Bureau on the proposed combined model mortgage loan disclosure form.
The bureau is set to release the form on Wednesday, which combines previous forms required under the Truth in Lending and Real Estate Settlement Procedures acts.
The financial overhaul bill passed last year, which created the bureau, also mandated that the new bureau consolidate the forms. CUNA and NAFCU were among the groups that had urged the consolidation.
The CFPB, an independent agency that which will be housed in the Federal Reserve and begin operation in July, will solicit additional comments on the form in the weeks ahead.