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.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.