Two thousand thirteen has remained a busy year for the CFPB and does not appear to be slowing down, specifically in the mortgage lending arena. Throughout the month of May, the CFPB followed its present standard of issuing amendments to proposed and finalized rules as well as issuing small-entity compliance guides that contain additional guidance and helpful information for credit unions.
The CFPB released three plain-English small-entity compliance guides in May, detailing recent changes to three final rules: The Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act and a small entity guide relating to the Truth-in-Lending Act and Higher-Priced Mortgage Loan appraisal rules.
The guides are written in plain language with a frequently asked questions format making content more accessible and decipherable for credit union staff. The guides can be accessed through CFPB’s website here.