Links in “Truth in Lending Act (TILA/Regulation Z)”
- Deceptive Auto Dealers Foiled
Two auto dealers in Las Vegas, TC Dealership and JS Autoworld, have been charged for using deceptive ads which violated the Truth in Lending Act, FTC Act, and Consumer Leasing Act. [6/30/15]
- Hallelujah! CFPB Pushes Back TILA/RESPA Deadline
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]
- Trade Groups Continue to Press Congress for Hold-Harmless Period
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 Hunt is on for Loan Originator Compensation Violations
The CFPB hits another company for violations of Reg. Z loan originator compensation violations. The company paid fees to marketing services entities, whose owners included branch managers and loan originators. [6/10/15]
- What Is Meant By a âGood Faithâ Effort to Comply?
Thatâs the question that many are asking in light of the CFPBâs statement that it will consider a financial institutionâs 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]
- CFPB to Industry on TRID Enforcement: We Will Be “Sensitive”
When it comes to enforcing new TILA-RESPA Integrated Disclosure rules starting Aug. 1, CFPB Director Cordray offers no firm grace period, but says that the bureau will be "sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to comply with the Rule on time." [6/4/15]
- Headache x 5 with Looming Mortgage Disclosure Deadline
It's not just tech changes that are causing headaches for lenders as the Aug. 1 new disclosure deadline approaches. Hefty fines, growing legal exposure, rising costs, and a complicated workflow add to the pain. [6/2/15]
- Stressed about TRID? You’re Not Alone
With the Aug. 1 effective date rapidly approaching, a survey finds that 79% of banks can't even verify a precise delivery date for their updated TILA-RESPA Integrated Disclosure system. More than 20% say they will stop offering certain mortgage products if their vendor systems are not ready. [5/14/15]
- Do You Know Your Responsibilities if a Broker Delivers Your TILA/RESPA Loan Estimate?
The new TILA/RESPA combined disclosure rules go into effect in just over two months. Are you sure you know what your responsibilities are if you work with a mortgage broker who will be delivering the TILA/RESPA loan estimate disclosures for you? [5/14/15]
- Cordray Balks at Bill to Provide Hold Harmless Period for Integrated Disclosure Compliance
The CFPB Director has sent a letter to the House stating that the August 1 due date for the new integrated TILA/RESPA disclosures should not be overly burdensome as August is not a busy month for new mortgage applications, although he admitted that it is a busy month for mortgage closings. A recent House bill would provide lenders with a 5-month âhold harmlessâ bill from penalties and enforcement actions if the lender can demonstrate a good faith effort to comply with the new disclosure requirements. [5/8/15]
