CUNA Mutual Group at the forefront of TILA/RESPA Integrated Disclosure Rule changes
Helping Credit Union Leaders to Focus on Their Members.
MADISON, WI (August 7, 2014) — CUNA Mutual Group is helping credit unions comply with the Consumer Financial Protection Bureau’s TILA/RESPA Integrated Disclosure Rule by offering a free webinar and adding to its compliance staff.
“The TILA/RESPA Integrated Disclosure rule will completely overhaul the way credit unions go about mortgage lending and will likely impact the types of mortgage lending credit unions engage in,” said Jon Bundy, regulatory compliance manager for CUNA Mutual Group. “It redefines disclosures for first mortgages and closed-end home equity loans.”
The Consumer Financial Protection Bureau (CFPB) issued the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) Rule in November 2013 to simplify and improve disclosures consumers receive when applying for and closing on mortgage loans.
The disclosures under TILA/RESPA provided at the time of application and closing have been integrated and will need to be provided to credit union members for mortgage applications received on or after Aug. 1, 2015.
“Overall, TILA/RESPA will directly affect the people, processes and technology credit unions use to support their lending operations because the regulations require loan disclosures to change dynamically to reflect each borrower’s unique loan features,” said Bundy. “Specifically, the rule will impact credit unions’ relationships with their system providers and, most importantly, their members and their own staff.”
The TILA/RESPA rule becomes effective and must be complied with by Aug. 1, 2015.
“Generally speaking, the rule applies to closed-end home equity and first mortgage loans, but credit unions shouldn’t underestimate the changes that are required to comply with this rule,” Bundy added.
To learn more, register for the Aug. 19 TILA/RESPA Integrated Disclosure rule webinar. The webinar will introduce the TILA/RESPA Integrated Disclosure rule, the enormity of the impacts, and what action steps credit unions need to take now and leading up to August 2015. The webinar is free for all credit unions, runs from 11 a.m. – 12 p.m. CDT, and concludes with a live Q&A session.
The company has also added it to its lending compliance resources with the hiring of Maureen Clark, assistant regulatory compliance manager, and Joe Luedke, assistant regulatory compliance manager. In these roles, Clark and Luedke will focus on lending and deposit laws and regulations, and the resulting compliance challenges facing credit unions.
“We will continue to see changes and new regulations in the foreseeable future. Strengthening our staff with the addition of Maureen and Joe allows us to do more to help credit unions navigate through these complex compliance issues so they can focus their resources on making loans,” said Bill Klewin, director of regulatory compliance at CUNA Mutual Group.
Clark and Luedke will provide regulatory lending compliance expertise to LOANLINER® Document Solutions and loanliner.com® Lending System customers and develop cutting edge lending solutions to help credit unions expand their loan portfolios, with a special focus on the mortgage compliance changes from the CFPB.
These new positions demonstrate CUNA Mutual Group’s ongoing commitment to helping credit unions grow their lending business in a challenging compliance environment. Clark and Luedke join Bill Klewin, director of regulatory compliance, Lauren Capitini, senior regulatory compliance manager, and Jon Bundy, regulatory compliance manager.
Prior to joining CUNA Mutual Group, Clark worked at The Travelers Companies in the product development and coverage analysis group, and Luedke was an attorney at SmithAmundsen LLC, a Chicago, Ill. based law firm.
Clark earned a law degree from the William Mitchell College of Law in St. Paul, Minn. She also holds the Credit Union Compliance Expert (CUCE) designation granted by the Credit Union National Association.
Luedke earned a law degree from Marquette University Law School in Milwaukee, Wis., where he received Pro Bono Society honors for having completed 120 hours of pro bono work.
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage®-branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.