The Consumer Financial Protection Bureau (CFPB) has issued a 23-page proposed regulation to delay the Truth in Lending/RESPA Integrated Disclosures from August 1, 2015 to October 3, 2015. The delay is appreciated, but some of the explanations are just weird. The delay occurred because a CFPB staffer forgot to send a notice to Congress 60 days prior to the August 1st effective date. By the time the error was discovered a two-week delay, until August
The joint agencies (OCC, Federal Reserve Board, FDIC, Farm Credit Administration and NCUA) recently approved a final rule that modifies the regulation for loans secured by property located in a special flood hazard area. The final rule implements certain provisions that were established under the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) such as the requirement to escrow for flood insurance premiums on residential improved real estate securing a loan, as well as, an
TRID DELAY
Category: ABA RCC, CFPB, Integrated Disclosures, Lending Compliance, Regulation X, Regulation Z, RESPA, Truth in Lending
Today, within hours after the Consumer Financial Protection Bureau (CFPB) announced to 1,700 bankers at the ABA Regulatory Compliance Conference that there would be no delays in TRID (TIL/RESPA Integrated Disclosure Rule) implementation, CFPB Director Richard Cordray issued the following statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that
The American Bankers Association always selects a nice location for its annual Regulatory Compliance Conference and next year is no exception. The ABA has announced the 2016 Regulatory Compliance Conference will be held June 12th-15th at the Manchester Grand Hyatt Hotel in San Diego, CA. Mark your calendars – it’s sure to be another great conference.
HOT TOPICS AT THE ABA RCC
Category: ABA RCC
With 23 session offerings on Sunday and 29 session offerings on Monday covering 31 different topics, attendees of the ABA Regulatory Compliance Conference have had the opportunity to hear about emerging compliance issues and changes from leaders in the industry. Our Compliance Masters Group members in attendance reported to us that the following were popular sessions with very high attendance: • The Seven Deadly Sins of Overdraft Protection • TILA-RESPA Integrated Disclosure Rule: Count Down
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