Compliance Blog

Written by Sarah Loats Zimmermann

Know Before You Owe. The CFPB has released two new sample forms in its Know Before you Owe project. Know Before You Owe is the name the CFPB has given its efforts to revamp the RESPA/TILA disclosures and to combine them into one form. This latest effort is the second round of sample disclosures, and they are once again asking for input from consumers and the industry. If you've been following the CFPB's blog posts then you know they received over 13,000 comments in response to the first set of forms they released. These two new forms are two pages in length and page 1 is the same on each prototype. According the CFPB, page 1 incorporates the best features from the two earlier prototypes. The second page shows alternative methods of disclosing closing costs. The CFPB provides further information in its blog post. Follow this link  to provide feedback (Click on "Switch to Industry Tool").

 

Open Board Meetings. There are two open board meetings scheduled for tomorrow.

NCUA has scheduled a special Board meeting for 8:30 am tomorrow morning. The purpose of the meeting is to consider the volunatary prepayment of the corporate stabilization fund assessment. For more information you can review this NAFCU Today article.

 

Also on tap for tomorrow is the Federal Reserve's meeting to consider the debit fee rule. The Federal Reserve has scheduled this meeting for 3:30 pm. It will be available to the public via webcast.