Thursday, April 19 marked the effective date of amendments to the CFPB's mortgage servicing rules. Confirmed successors in interest are now entitled to the same protections available to borrowers under both Reg Z and Reg X.
FinCEN issued a new set of frequently asked questions for its CDD rule, which goes into effect May 11. The agency says it may issue “additional FAQs, guidance or grant exceptive relief as appropriate."
NCUA General Counsel Michael McKenna recently issued a legal opinion letter from the agency on loan participations in response to an inquiry about whether it must meet requirements throughout the life of the transaction.
The May 11 effective date of the new Customer Due Diligence rule is approaching, after which credit unions will be required to obtain identifying information about the beneficial owners of their legal entity accounts.