The Consumer Financial Protection Bureau and the OCC have both recently released free resources to help bankers prepare for the TILA-RESPA integrated disclosures, now expected to become effective on Oct. 3.
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Noting an environment of “high” credit, strategic, compliance and operational risk, the OCC outlined nine priorities for ongoing midsize and community bank supervision in its Semiannual Risk Perspective report released yesterday.
The FDIC yesterday issued revised interagency examination procedures for the TILA-RESPA integrated disclosures now proposed to take effect on Oct. 3. The procedures also include updates related to the Consumer Financial Protection Bureau’s ability-to-repay, servicing and high-priced mortgage loan rules.
As Consumer Financial Protection Bureau Director Richard Cordray announced last week, the CFPB today issued its formal proposal delaying the effective date of the TILA-RESPA integrated disclosures.
Consumer Financial Protection Bureau Director Richard Cordray announced today that the bureau is proposing to push back the effective date of the TILA-RESPA integrated disclosures by two months, from Aug. 1 to Oct. 1, in an effort to avoid closing headaches as the busy fall homebuying season kicks off.
ABA has added a new online course on the TILA-RESPA integrated disclosures to its free Frontline Compliance Training program. Since all customer-facing staff who discuss mortgage products or take loan applications will need to understand and be able to explain the new TRID forms, this course is designed to provide bank employees with an overview of the new forms and requirements.
ABA and several other trade groups yesterday urged the House Financial Services Committee to advance H.R. 2213, a bipartisan bill that would establish a “hold harmless” period after the new TILA-RESPA integrated mortgage disclosures take effect on Aug. 1.
ABA submitted a statement for the record in today’s House Financial Services Committee hearing on protecting consumer financial choices.
Consumer Financial Protection Bureau Director Richard Cordray told members of Congress yesterday that when enforcing the TILA-RESPA integrated mortgage disclosures starting on Aug. 1, the bureau would be “sensitive” to good-faith efforts by lenders to comply.