Compliance Blog

Written by Eliott C. Ponte, Regulatory Compliance Counsel

CFPB updates its Supervision and Examination Manual by adding TILA-RESPA Intergraded Mortgage Disclosures

 Last week the CFPB updated the RESPA and TILA chapters of its Supervision and Examination Manual by incorporating the TILA/RESPA Integrated Disclosure (TRID) rule.  By updating the manual, the CFPB added over 100 pages of TRID supervisory information.  While the updated TILA and RESPA chapters provide a good high-level summary of the rule, much of the manual restates previously available information.  Thus, credit union officers tasked with helping their credit union transition to the new TRID rules will not find this guidance too helpful.  However, after comparing the updated RESPA and TILA chapters to the other CFPB TRID resources, I find the Supervision and Examination Manual better organized and easier to read.  Thus, credit union employees might find reading the updated chapters helpful (the updated RESPA chapter begins on page 5, and the updated TILA chapter begins on page 35).

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NCUA Changes its Supervision Policy Manual Section on Secondary Capital for Low-Income-Designated Credit Unions

Yesterday, the NCUA issued a press release stating it had issued National Supervision Policy Manual changes that affect procedures for low-income-designated credit unions seeking or receiving secondary capital authority from the agency.  According to the NCUA, “the supervisory changes related to supplemental capital make it easier for low-income credit unions to obtain, and give investors greater clarity and confidence.”  Moreover, the NCUA states these changes “allow more flexibility and transparency.”  The revised procedures can be found in the updated section of the agency’s National Supervision Policy Manual, which is available online.