Links in “Integrated Mortgage Disclosures”

The two-month delay of the effective date of the TILA-RESPA Integrated Disclosure date was clearly welcomed by the industry. What is less clear is whether the CFPB's earlier pledge to be "sensitive" to the good faith efforts to comply with the new rules will still apply. [6/24/15]

In a letter to the CFPB, CUNA has asked for a clarification regarding a discrepancy in the TILA RESPA Small Entity Compliance Guide, which states that the integrated disclosure requirement does not apply to an entity that makes five or fewer mortgage loans in a calendar year. [6/22/15]

One reason cited by the CFPB's director for the proposed delay of the effective date of the TILA-RESPA Integrated Disclosure rule was that the delay would "better accommodate the interests of many consumers and providers whose families will be busy with the transition to the new school year at that time." [6/22/15]

The CFPB's Semiannual Regulatory Agenda was released in the Federal Register. The five-page document discusses efforts with Dodd-Frank, including integration of mortgage regulations, HMDA reporting expansion, "Know Before You Owe" initiative, prepaid card efforts, and payday loan issues. [6/19/15]

CFPB Director Richard Cordray stated that the bureau will propose a delay of the final implementation of the TILA/RESPA integrated mortgage disclosure rules until Oct. 1. The decision was made to correct an administrative error that was just discovered  concerning meeting federal law requirements. [6/18/15]

Big -- but brief -- sigh of relief from the industry on the CFPB's announcement that TILA-RESPA Integrated Disclosure Rule will be delayed until Oct. 1. See also here. [6/18/15]

The CFPB detected an administrative error that would have pushed back the effective date of the rule two weeks. Extra time to make sure you how the rule will effect your institution. [6/18/15]

A letter was sent from 19 trade groups to ranking House leadership urging passage of a measure that would provide a hold-harmless period of enforcement for TILA-RESPA Integrated Disclosures. [6/11/15]

The NAFCU and 17 other trade groups joined together in urging the House Financial Services Committee to pass a reasonable hold-harmless period for financial institutions implementing the CFPB's TILA/RESPA integrated mortgage disclosures rule. [6/10/15]

That’s the question that many are asking in light of the CFPB’s statement that it will consider a financial institution’s good faith effort to comply with the requirements for the new TILA/RESPA combined disclosure in its examinations. Other regulators have been urged to follow suit. A new Fact Sheet issued by the CFPB clarifies some of the delivery issues being raised by financial institutions. [6/8/15]