Links in “Truth in Lending Act (TILA/Regulation Z)”

The OCC will host two workshops focused on compliance and consumer protection risk surrounding BSA, TILA, CRA, and more. Attendees will come away with an understanding of best practices and what examiners look for in evaluating institutions. Find a full list of upcoming workshops here. [10/15/14]

The CFPB has issued an updated “readiness guide” to assist financial institutions in preparing for the new combined TILA/RESPA disclosures that go into effect August 1, 2015. The guide provides checklists to assist with you with updating your policies and procedures. [10/9/4]

Despite industry calls for a written Q&A, CFPB proceeds with its plan for only spoken Q&As on the new TILA-RESPA integrated disclosure rules. The third in the series addressed more than 30 technical questions. Here is a recap. In writing. [10/8/14]

Did you miss the CFPB’s most recent TILA-RESPA webinar? Lucky for you, a list of questions and answers has been prepared to summarize the webinar. [10/7/14]

NAFCU is offering advice to the credit union unsure of what to do between now and the implementation of the TILA-RESPA rule, which is still nearly a year away. [9/26/14]

While TILA provides that borrowers may rescind their mortgage loans within three days, that time period can extend to three years if the creditor fails to make certain disclosures. Some circuit courts have held that borrowers can exercise their right to rescind a transaction under this TILA provision by notifying the creditor within three years of consummation, while others have held that the borrower must file a lawsuit within the three years. The Supreme Court is set to hear arguments in November. [9/22/14]

The Federal Reserve and CFPB have published rules which amend Regulation Z exemption threshold from $50,000 to $54,600. The same adjustment was made to Regulation M. These adjustments will take effect January 1, 2015. [9/22/14]

The third TILA-RESPA Integrated Disclosures webinar will be held Wednesday, October 1, 2014. The session will focus on both compliance and interpretive questions and implementation challenges. [9/22/14]

NAFCU and CUNA think so. They are amongst a group of 13 other financial trade organizations who sent a letter to the CFPB urging them to take a look at state laws that potentially contradict (or duplicate) the new TILA/RESPA rules. [9/18/14]

The Federal Reserve Board and CFPB have announced increases in thresholds pertaining to Regulations Z and M as required the Dodd-Frank Act. These thresholds are to be adjusted annually based on increases in the Consumer Price Index, and will take effect on January 1, 2015. [9/10/14]