WASHINGTON — The Oct. 1 deadline for using the revised Consumer Handbook on Adjustable Rate Mortgages–CHARM booklet–is fast approaching.
The Federal Reserve Board and Office of Thrift Supervision announced the availability of an updated version in December but gave lenders, including credit unions, until Oct. 1 to begin distributing the new CHARM to consumers. The booklet provides consumers with information about the features and risks of adjustable rate mortgages, likely of particular importance with the current subprime lending concerns and soft mortgage market.
According to the Federal Register notice from December, the CHARM booklet, or a suitable substitute, is required under the Truth in Lending Act and its implementing regulation (Reg Z). The new version supercedes the 1987 booklet, most recently reprinted in May 2005.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
