The CFPB announced on Thursday the creation of a new Regulatory Implementation web page that consolidates all of the new 2013 mortgage rules and relevant implementation materials.
The bureau cautioned that the site, which it calls a “central access point,” is not a substitute for financial institutions familiarizing themselves with the actual regulations. The CFPB wrote, “Our goal with this page is to provide access to our mortgage-related implementation resources through a single web page that makes the rule content more accessible for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.”
The new page incorporates some of NAFCU’s past recommendations on how to help credit unions access and understand the rules. The consolidated materials include small entity compliance guides, quick reference charts, videos, a list of rural and underserved counties, and a summary of the mortgage rules.
NAFCU’s website features a Mortgage Rules Compliance Resources web page that provides links to each of the final mortgage rules, notable articles written about the rules, NAFCU’s Final Regulations on the rules, webcasts held as part of NAFCU’s CFPB Mortgage Reform Webcast Series as well as a scope-and-applicability chart for each rule.continue reading »