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Provide input by Sept. 19 on CFPB's mortgage disclosure revisions


Wisconsin credit unions have an opportunity to shape how mortgage-related disclosures are being reshaped—and the new costs and compliance burdens they are likely to impose—as part of a second round of commentary being provided to the Consumer Financial Protection Bureau (CFPB).

 

While the first round of commentary in August focused on regulatory burdens, the timing for compliance, finance charges and APR, the latest round seeks input on all other aspects of the proposed revisions, including revised and combined disclosure forms.

 

The CFPB, which is continuing its work implementing the Dodd-Frank financial reforms, has worked to create a single, simplified rule that combines the sometimes confusing requirements under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (Reg. Z).

The League, along with its Regulatory Advocacy Council, encourages credit unions to offer their comments for inclusion in The League's comment letter.

 

Please review CUNA's latest Comment Call and, by Sept. 19, submit your comments to Jo Whiting.

The more specific you can be with your comments, the better – whether about operational or other challenges and costs, or any other suggestions.

 

Questions? Contact Jo at (262) 408-6044.


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