CFPB Delays Ability-to-Repay Mortgage Rules

The FCC’s do-not-call provisions under the TCPA don’t apply to tax-exempt nonprofit organizations.

August 1, 2012

The Consumer Financial Protection Bureau (CFPB) delayed the release of the final ability-to-repay mortgage rule until later this year.

The Dodd-Frank Act amended the Truth in Lending (TIL) Act, establishing among other things new ability-to-pay requirements, and provided a presumption of compliance with those requirements if the mortgage loan was a “qualified mortgage.” The Federal Reserve Board published the initial Regulation Z ability-to-pay proposal in May 2011, and Dodd-Frank transferred the Fed’s rulemaking authority for TIL to the CFPB on July 21, 2011.

The final rule was set for release last month, along with other CFPB mortgage disclosure and rule changes. But the CFPB decided to revisit certain elements of the rule and reopened the comment period until July 9.

The CFPB expects to issue the final rule before the end of 2012. Dodd-Frank requires a final rule by January 2013.

 Visit (select “regulations & compliance”) for updates. 


How to Determine CTR Exemptions

The Financial Crimes Enforcement Network (FinCEN) recently issued guidance on how institutions can determine whether a “customer” is eligible for an exemption from currency transaction reporting (CTR) requirements. The guidance provides examples and answers to commonly asked questions about the final rules FinCEN issued in December 2008. 

Find “FIN-2012-G003: Guidance on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements” (June 11, 2012) at


FCC Amends Certain Telemarketing Rules

The Federal Communications Commission (FCC) revised its telemarketing rules under the Telephone Consumer Protection Act (TCPA) to require prior express written consent for all autodialed or prerecorded telemarketing calls to wireless numbers and for prerecorded calls to residential lines.

The rule requires all prerecorded telemarketing calls to allow consumers the opportunity to opt-out of future prerecorded calls using an interactive, automated opt-out mechanism. The rule, issued in June, took effect on July 11, 2012.

  The FCC’s do-not-call provisions under the TCPA don’t apply to tax-exempt nonprofit organizations, such as credit unions. But credit unions still must comply with other aspects of the FCC’s telemarketing rules on automatic telephone dialing systems, prerecorded voice message systems, faxed advertisements, and abandoned calls.

For more information, visit CUNA’s e-Guide section on Telemarketing (, select “regulations & compliance).