ORLANDO - New rules could complicate credit union vendor relations too, attorney says.
Your TILA-Respa action plan checklist.
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.
The Consumer Financial Protection Bureau issued a final rule Nov. 20 that requires the use of new, simplified mortgage disclosure forms available in English and Spanish that detail the terms of a mortgage to homebuyers.
But Dodd-Frank requires fees and closing costs to be included in calculations, so bureau finding a way, director said.
Regulators fiddle while Rome set to burn.
Credit unions can now comment on the Consumer Financial Protection Bureau’s latest draft of its mortgage disclosure forms.