The new mortgage servicing rule from the CFPB clarifies the frequency of required written early intervention notices. A mortgage servicer must provide notice to a delinquent borrower no later than the 45th day of the borrower’s delinquency.
Under the CFPB’s updated mortgage servicing rules, credit unions are required to include policies and procedures relating to “successors in interest" when notice of the existence of a potential successor in interest is received.
CUNA’s CompBlog, already the premiere location for the latest and most in-depth credit union compliance information, is launching a new feature starting in September. The challenge will highlight the top blog posts each month.
CUNA’s inaugural Fair Lending Workshop took place last week in Denver, leading to valuable discussions on compliance with the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act and more.
Sept. 23 is the implementation date for the first phase of same-day automated clearing house (ACH) service. NACHA finalized its same-day ACH rules in May 2015, and the Fed adopted the rules in September 2015.
The Federal Communications Commission issues its final rule on the handling of automated federal debt collection calls under the Telephone Consumer Protection Act last week which will become effective 60 days after its publication in the Federal Register.
The CFPB's mortgage servicing requirements will likely add to credit unions’ regulatory burden, CUNA believes, but what do they mean for credit unions from a compliance standpoint? CUNA compliance staff examined the new measures.