WASHINGTON (11/15/13)--As credit unions prepare for the Jan. 10 effective date for many of the new mortgage rules, credit unions continue to ask how they can most efficiently digest all of this new information. Two answers are offered by the Credit Union National Association's compliance staff: CUNA CompNOTES and Compliance Charts.
"It has been our experience working with so many credit unions and credit union leagues across the country that not all compliance people absorb compliance material the same way--particularly when we are faced with literally thousands of regulatory pages. For this reason, we are presenting the Consumer Financial Protection Bureau's mortgage rules, for compliance purposes, in a couple of formats--in a narrative form in CUNA's CompNOTES, as well as chart form," CUNA Federal Compliance Counsel Colleen Kelly said.
CUNA has broken up several of the new rules, such as mortgage servicing and loan origination, into smaller manageable topics.
CUNA's CompNOTES provide credit unions with not only the specific regulatory requirement for each area of the mortgage rules, but also the official CFPB interpretations and any helpful clarifications included in the summary information of the final rules.
CUNA's Compliance Charts include much of the same information, but in a non-narrative format. The charts also include more citations and are organized so that users can more readily track sections of the regulations.
To help credit unions access these resources quickly, CUNA has put together "CUNA's Catalogue of Mortgage Rules Compliance Resources," which features links to both CUNA's CompNOTES and Compliance Charts for all of the new rules. The catalogue also features links to CUNA's overview summary chart of the mortgage rules, which details what types of mortgages are covered by which regulations.
The catalogue also links to a lengthy compilation that lists all of CUNA's compliance resources to help credit unions master the mortgage lending requirements, broken down by the different regulations. This compilation not only includes the CompNOTES and charts, but also includes the many Credit Union Magazine articles, blog posts, Q&A documents, and eGuide details CUNA has available. There is also a link to the CFPB's resource page, and the bureau's small entity compliance guides.
For more, use the resource link.