The CFPB has issued a Spanish version of “Your Home Loan Toolkit” (“Toolkit”), that is designed to be used with disclosures provided under the TILA/RESPA Integrated Disclosure (“TRID”) rule. The Toolkit will replace the current “Settlement Cost Booklet” (also known as the “Special Information Booklet”) when the TRID rule goes into effect on October 3, 2015. … Continue Reading
Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the TILA-RESPA integrated disclosure (TRID) rule which is set to take effect on August 1, 2015.
The bill provides that the TRID rule cannot be enforced against any person before
January 1, 2016 and no suit can be filed against any person for a violation of the TRID rule occurring before that date if such person has made a good faith effort to comply with the TRID rule.… Continue Reading
The CFPB has posted a video of its November 18th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015. The webinar was the fourth in a series to address implementation of the new rule. … Continue Reading
Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB provide additional guidance to help the mortgage industry implement the new TILA-RESPA Integrated Disclosures Rule that will become effective on August 1, 2015.… Continue Reading
The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives. In a statement released on July 29, 2014, the CFPB states that it is extending the deadline for comments to be filed from August 22, 2014 to September 22, 2014, 60 days from the date the proposed policy was published in the Federal Register.… Continue Reading
On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015. The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents, software developers, and other stakeholders familiarize themselves with the rule’s architecture and its substantive and procedural disclosure requirements. … Continue Reading
On June 17, 2014, the CFPB and Federal Reserve will be co-hosting a webinar on the TILA-RESPA integrated mortgage loan disclosures. The webinar’s description indicates that it will be the first of a recurring series of webinars to address the new rule and disclosures. In the webinar, the CFPB plans to provide an overview of the final rule and the new disclosures and address basic compliance questions, with subsequent webinars to address specific implementation and interpretive questions received by the CFPB. … Continue Reading
CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.” The CFPB’s representatives focused on the Bureau’s updates to the RESPA-TILA integrated disclosures rule, about which we previously reported.… Continue Reading
Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a proposed prepaid card rule it expects to issue this spring.
The LA testing follows a first round of testing that the CFPB conducted last month in Baltimore, MD. … Continue Reading
As we previously reported, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule on November 20. The rule will be effective for applications received on or after August 1, 2015. The industry had urged the CFPB to provide a reasonable implementation period in view of the significant changes to systems and procedures necessary to implement the rule, on top of the implementation challenges presented by the other CFPB mortgage rules.… Continue Reading