Michael McLain

Review policies and procedures to ensure conformance with NCUA’s updated guidance.

CFPB’s “Know Before You Owe” project is an effort to combine the early disclosures required by TIL and RESPA into one document.

The Consumer Financial Protection Bureau addresses mortgage originator standards, high-cost mortgages, and escrow accounts.

Agency puts priority on consolidated mortgage disclosures.

The first thought a CU has when it learns a member is in the military or is about to go on active  duty is that it will have to comply with the Servicemembers Civil Relief Act.

The original rule regarding the limitation of fees during the first year after an account is opened remains in place and credit unions should continue to comply with it.

In July, the Federal Trade Commission issued a final rule relating to unfair or deceptive acts and practices in mortgage loan advertisements.

Some CUs are confused about the 14-day timing requirement for periodic statements.

The Federal Reserve Board issued a Regulation Z final rule in March 2011 clarifying prior rules related to the Credit Card Accountability, Responsibility, and Disclosure Act.

Still more clarification is needed on the Fed's Reg Z changes.