A bill that would provide a temporary delay in enforcement and a liability safe harbor period for a new mortgage disclosure rule has the support of CUNA and a number of other financial and housing trade organizations.
Rep. Steve Pearce (R-N.M.), along with Rep. Brad Sherman (D-Calif.), introduced a bill last week that would provide a temporary delay in enforcement and a liability safe harbor period under the Consumer Financial Protection Bureau’s (CPFB) Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosures rule. The rule currently has an implementation date of Aug. 1; the bill would put a safe harbor in place until Jan. 1, 2016.
CUNA’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.