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Latest News: Compliance

CUNA Adds Escrow Compliance Chart as a CFPB Resource

Wednesday, February 13, 2013   (0 Comments)
Posted by: Susan Dyer
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The Credit Union National Association has added an escrow account compliance chart to its list of resources developed to help its member credit unions comply with new Consumer Financial Protection Bureau mortgage rules.

The chart format is designed to help credit unions find the specific information they are looking for quickly. The chart covers the basics of the new rule and more detailed information, including:
  • Effective dates;
  • Exemptions and exceptions;
  • Significant definitions; and
  • What the new rule will change.
More comprehensive compliance summaries with interpretive explanations of the escrow changes are in the works, CUNA added.

CUNA late last month also released a chart covering many new CFPB mortgage regulations and detailing aspects of the CFPB's proposed Truth in Lending Act/Real Estate Settlement Procedures Act mortgage loan integration rule.

The chart, entitled "Mortgage Lending Rules--New CFPB rules finalized in 2013," is divided into three columns:
  • The first summarizes key requirements in each of the CFPB's mortgage loan final rules;
  • The second defines the type of mortgage loans covered by each of the final rules; and
  • The third provides links to the CFPB's final rules and summaries of the rules.
Access the CUNA Escrow Account Chart (pdf)