The CFPB issued final rules Thursday intended to clarify andrevise its mortgage servicing guidelines – regulations that some creditunions said will increase the heavy regulatory burden they alreadyface.

The rules – issued as a result of the Dodd-Frank Act andencompassing more than 900 pages –amend regulations the agencyfirst issued in 2013. The rules implement provisions of the RealEstate Settlement Procedures Act (Regulation X) and the Truth inLending Act (Regulation Z).

The rules came on the heels of a GAO study, which found anincreased regulatory burden has not yet dissuaded credit unions from originating andservicing mortgages at least as much as they have in the past.

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.
NOT FOR REPRINT

© 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.