Compliance

CFPB amended Reg B to implement a Dodd-Frank Act amendment to the Equal Credit Opportunity Act. READ MORE

Agency will focus on the Equal Credit Opportunity Act, Home Mortgage Disclosure Act, and Fair Housing Act. READ MORE

Mortgages that fall into the high-cost or higher-priced category have certain restrictions and requirements, so it’s important to understand what they are. READ MORE

When it comes to regulatory relief, CUs deliver substance with the rhetoric. READ MORE

The Regulation B amendment stems from Dodd-Frank Act alterations to the Equal Credit Opportunity Act concerning appraisals and other valuations. READ MORE

Also, are credit unions required to give written adverse action notices? READ MORE

CUs consistently offer lower and fewer fees than their bank competitors. READ MORE

The Official Staff Commentary to Regulation E [Comment 1005.6(b)-2] states... READ MORE

The new rules already dominate compliance planning for the next year, but CUs must save capacity for potential disclosure changes. READ MORE

The rule went into effect on March 18, 2013. READ MORE

It is almost a holiday weekend. I know that all of you compliance folks are tired from the CFPB’s onslaught of final and proposed rules. You have been going full speed since January. And, the CFPB is going to be issuing a lot more “stuff” in June. So, I thought I would take a minute to [...]

If you remember last summer, NCUA’s Office of Consumer Protection notified over 1000 federal credit unions across the country of their eligibility for low income designation.  NCUA’s initiative was in part due to President Obama’s relief and recovery package to help drought stricken states across the country.   Many of you accepted the designation; however, do [...]

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to purchase only qualified mortgages as of January 10, 2014. For those of us that follow the secondary mortgage market and compliance regulations, this shouldn’t be much of a surprise.   The new CFPB rule allows for loans to be underwritten as either [...]