Compliance Blog

Written by JiJi Bahhur, Director of Regulatory Compliance

Mortgage Servicing Guidance.  Earlier this week, the CFPB issued additional guidance on the CFPB’s mortgage servicing rules.  Specifically, the CFPB released a bulletin and an interim final rule to provide greater clarity to the 2013 TILA and RESPA mortgage servicing rules that take effect in January, 2014.  According to the CFPB’s press release, the new guidance provides clarifications on three servicing issues, among other things. 

The three servicing issues that are clarified are home retention efforts after a borrower dies, early intervention requirement to contact delinquent borrowers, and the interplay between the servicing rules, bankruptcy code, and the Fair Debt Collection Practices Act (FDCPA).

For further detail, the press release can be located here.  The bulletin – only 7 pages in length – can be located here.  And the interim final rule is located here.

NAFCU will issue a Regulatory Alert seeking comments on the amendments within the interim rule.  Once available, it will be located here (NAFCU log-in required).

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NCUA’s October 2013 Board Agenda.  NCUA’s next board meeting takes place on October 24, 2013 with the open session starting at 10:00am.  Matters that will be considered during the open session include:

• Proposed Interagency Rule, Part 760, Loans in Areas Having Special Flood Hazards;
• Quarterly National Credit Union Share Insurance Fund Report;
• Final Rule, Parts 741 and 748, Electronic Filing of Financial Reports;
• Final Rule, Part 741, Liquidity and Contingency Funding Plans; and
• Proposed Rule, Part 702, Credit Union Capital Planning and Stress Testing.

The board agenda, available as of yesterday, is available here.

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Programming Note.  Next week is NAFCU’s Regulatory Compliance Seminar, which will be held at the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee.  NAFCU’s Regulatory Affairs, Political Affairs, and Legislative departments have volunteered to hold down the blog fort during this busy time, so keep your eyes peeled for these exciting guest blog posts next week.