Links in “Truth in Lending Act (TILA/Regulation Z)”
- Two House Committee Chairs Press CFPB to Create TILA/RESPA “Hold Harmless” Period
The two chairs of the House Financial Services Subcommittee are urging the CFPB to establish a 5-month âhold harmlessâ period for those working to comply with the new combined TILA/RESPA disclosure requirements that are effective August 1, 2015. The chairs believe this additional 5-month period will allow all parties time to address any compliance issues that may arise. [3/31/15]
- Nine Reg Relief Bills Pass House Committee
The House Financial Services Committee has approved nine bills that offer regulatory relief to financial institutions. The bills that will now be brought up for a vote on the House floor address a variety of issues from the elimination of annual privacy notices (when no changes have occurred) to a modification of the TILA definition of âpoints and fees.â [3/27/15]
- NCUA Looking for Good Faith Compliance With TILA/RESPA
NCUA Chair Debbie Matz told NAFCU CEO Dan Berger that the agency is looking for credit unions to exhibit reasonable and  good faith efforts to comply with the new TILA/RESPA combined disclosures that are effective August 1st. She added that the agency understands that credit unions may need time to do more extensive testing once their TILA/RESPA disclosure systems become fully operational. [3/27/15]
- Chart-topping Webinar Now Available!
A recorded webinar featuring NCUA's Debbie Matz and CFPB's Richard Cordray is now available online. Featuring topics ranging from RESPA/TILA to international remittances, you don't want to miss this one! [3/25/15]
- Industry Requests TILA-RESPA Grace Period
Pretty much every trade association in the country signed a letter requesting that the CFPB implement a grace period through the end of the year for those institutions seeking in good faith to comply with the TILA-RESPA Integrated Disclosure. [3/20/15]
- Court Limits CFPB’s TILA Enforcement Muscle
Indiana federal court held that CFPB's civil action against ITT Education Services under TILA is governed by TILA's one-year statute of limitations. It may be an important restriction not only on CFPB's ability to obtain relief for TILA violations, but other consumer laws as well. [3/20/15]
- CUNA Asks CFPB for Further Reg Relief
In a comment letter to the CFPB, CUNA has asked that the Bureau consider additional regulatory relief from the TILA/RESPA mortgage servicing requirements in the form of adding exceptions to the 120-day delinquency rule, clarifying the process for force-placing insurance, raising the loan limit for âsmall institutionsâ from 5,000 to 10,000 loans, and expanding the scope of the successors in interest rule. [3/17/15]
- TILA/RESPA Tolerance Buckets
Chart presented by former CFPB deputy assistant director shows the different tolerance buckets that come with the new TILA/RESPA integrated disclosure rule. [3/17/15]
- Noteworthy Points from Cordray’s Testimony
Recap of several key points of CFPB Director Richard Cordray's remarks before the House Financial Services Committee, including the five-year review of ability-to-repay rules, the latest on the Small Business Review Panel to analyze rule-making regarding payday lenders, and whether he plans to bring the hammer down on day one of TILA-RESPA integrated disclosure rules on Aug. 1. [3/10/15]
- So You’re Saying There’s a Chance: Will CFBP Go Easy on August TILA-RESPA Effective Date?
Will the CFPB consider a "60-day nonenforcement window" or a "five-month restrained enforcement period" following the Aug. 1 effective date of the TILA-RESPA Integrated Disclosure Rule? The bureau's director seems less than enthused about the idea. "People will have had close to two years to get ready for this. Nobody should be surprised by this." [3/10/15]
