Links in “Truth in Lending Act (TILA/Regulation Z)”
- Risk Watch 52: Theyâre More Like Guidelines: Record Retention Regarding the TILA-RESPA Integration
The new TILA-RESPA integrated mortgage disclosure rule is shaking things up across the board for financial institutions. How will it impact your organizationâs record retention program? Receive a complimentary copy of the AdvisX Record Retention Schedule when you sign up for a free two-week trial to My Risk Inbox. Follow this link and click âSubscription Optionsâ in the top right corner. [3/6/15]
- Don’t Be Caught Off Guard: Modifications toTILA-RESPA Disclosure
Donât worry â the modifications are slight and include an extension of the timing requirement for revised disclosures under certain circumstances and the placement of the Nationwide Mortgage Licensing System and Registry ID on the integrated disclosures. [2/19/15]
- Comment Window Closing for CFPB’s TILA/RESPA Amendment
The comment period closes March 16. Thus far, 40 comments have been submitted. Here's a rundown of what's on the table. [2/18/15]
- Candid Comments From Cordray About CFPB Internal Struggles
During a town hall meeting organized by NCUA, CFPB Director Richard Cordray admitted that there was disagreement within the agency about whether to amend certain TILA definitions to allow more small and rural lenders to make Qualified Mortgages without having to comply with certain requirements. Cordray also addressed the agencyâs focus on disparate impact in auto dealer markups. [2/12/15]
- Closer Look at CFPB’s Proposed “Small Creditor” and “Rural” Exemptions
CFPB recently proposed amendments to Reg. Z governing mortgages that would affect the definition of "small creditors" and the term "rural." Here's a rundown of what the CFPB has put on the table. [2/4/15]
- TILA-RESPA Webinar on the Docket
The National Credit Union Administration will hold a webinar on Wednesday, Feb. 11, 2015. The free webinar will explore the most notable changes made to the forms and disclosures required under TILA and RESPA. [1/27/15]
- Homeowners Win in Supreme Court Decision on Rescission Rights
The Truth in Lending Act affords homeowners the right to rescind a mortgage for up to three years from consummation of the loan if material mortgage disclosures were inaccurate or not provided. At issue was whether the homeowner needed to simply notify the lender in writing of his/her desire to rescind, or if the homeowner was required to actually file suit within the three-year window. The Supreme court reversed lower court decisions and held that written notice was all that was required to exercise this right. [1/14/15]
- Quiet Close to 2014 for Agencies
After a quiet close to 2014, agencies acted quickly to ensure that modifications to Basel III capital rules would not significantly affect community banks. In addition, dollar adjustments were made to thresholds under the Truth in Lending Act and Community Reinvestment Act. [1/6/15]
- TILA and HMDA Get a Small Makeover
- New Rules Proposed for Prepaid Financial Products
CFPB is proposing to amend Regulation E, Regulation Z, and the official interpretations to create comprehensive consumer protections for prepaid financial products. The proposal would cover prepaid accounts such as cards, codes, or other devices capable of being loaded with funds and usable at unaffiliated merchants or for person-to-person transfers and are not gift cards. See proposed rule here. [12/23/14]
