Only three circumstances will require additional review time for borrowers, Cordray says.
ORLANDO - New rules could complicate credit union vendor relations too, attorney says.
Session comes as modifications are set to go into effect Aug. 1.
Expect the CFPB to scrutinize overdrafts, payday lending, prepaid cards, auto loans and mortgage lending.
The Supreme Court TILA disclosure ruling will not affect credit unions that already follow TILA best practices.
CUNA, NAFCU and other trades also ask for written guidance.
But Dodd-Frank requires fees and closing costs to be included in calculations, so bureau finding a way, director said.
Credit unions can now comment on the Consumer Financial Protection Bureau’s latest draft of its mortgage disclosure forms.
During its first month in existence, the Consumer Financial Protection Bureau has spoken softly and not carried a big stick.
New form combines Truth in Lending, RESPA rules, expected to be released Wednesday.