The CFPB says it will be coordinating with other agencies, producing plain-language guides, updating its official interpretations, preparing readiness guides and educating consumers in coming months to ensure smooth implementation of the bureau’s ability-to-repay and mortgage servicing rules.
“Our plan is to work with the mortgage industry to ensure that the CFPB’s new rules are implemented accurately and expeditiously,” CFPB Director Richard Cordray said in an announcement. “Both consumers and industry will win when the new rules are understood, applied, and carried out evenly and effectively. Mortgage borrowers, who have dealt with much heartache since the financial crisis, deserve this level of attentiveness.”
CFPB’s implementation team has reached out to NAFCU for input, said NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt. “We have been encouraging the bureau to create a channel for credit unions to receive specific guidance on implementation issues,” she said.
The ability-to-repay and mortgage servicing rules take effect next Jan. 10. To support rule implementation and ensure industry readiness for the new rules, the CFPB said it will:
- Coordinate with other agencies: The CFPB is coordinating with other federal government regulators that also conduct examinations of mortgage companies to ensure all regulators have a shared understanding of the CFPB’s new rules and promote consistency.
- Publish plain-language guides: The CFPB will publish easy-to-understand summaries of the regulations in both written and video form. It says the guides, available in the spring, will be particularly helpful to smaller businesses with limited staff for compliance.