Click the following links to access and download the 2013 Compliance Updates you wish to review.
Alert ****In articles in the February and April issues of The Connecticut Compliance Solution Compliance Newsletter we inaccurately described the impact of the points and fees test for Qualified Mortgages. We stated that a mortgage could have higher points and fees, yet remain a QM, which was incorrect. For Qualified Mortgages there are two tests. To even be a Qualified Mortgage the loan first must meet the points and fees test in Reg. Z Section 1026.32 by staying below the threshold. Next, for a QM to retain the safe harbor of compliance instead of a rebuttable presumption, the APR on the loan must be below the threshold of the rate spread test in Reg. Z Section 1026.35.
Please note that the correct information was provided in the M&M Survivors Guide. Please Contact Judy if you have any questions. *****
February 10, 2014
• Mortgage Regulation to Be Front and Center in 2014
Will 2014 be the year the rubber meets the road when it comes to mortgage rules and regulation?
Jon Bundy, regulatory compliance manager for CUNA Mutual Group, thinks so. He told Credit Union Journal any discussion of lending during the next 12 months has to start with the wide-ranging impact of the many new rules that have been laid down in the wake of the Dodd-Frank Act.
“How credit unions lend is very much affected by regulations, especially mortgages,” he said. “A lot of credit unions will have to decide if they will do qualified mortgages, and if they will do mortgages that fall outside of QM.” Read the full article here.
• CFPB Considers Expanding HMDA Reporting Requirements
The Consumer Financial Protection Bureau is weighing whether to vastly increase the data collected under the Home Mortgage Disclosure Act in an effort to better monitor trends and abuses in the market. Read the full article here.
February 3, 2014
• The Connecticut Compliance Solution Newsletter February 2014
• MM survivors guide to determination of ability to repay requirements 1-28-14 edition• Consumer Compliance Outlook Newsletter Fourth Quarter 2013
January 17, 2014
• February 25th Network Meeting Agenda
January 6th, 2014
• Compliance Solutions Calendar January 2014
Happy New Year!!
November 4, 2013
• Compliance Solutions Monthly Calendar November 2013
October 1, 2013
• Compliance Monthly Newsletter October 2013
July 25, 2013
• Memo: Survivor’s Guide To Determination Of Ability To Repay Requirements
• Guide: Survivors Guide To Determination Of Ability To Repay Requirements
• CFPB Bulletin on Debt Collection Practices
July 9, 2013
• Compliance Effective Dates Chart – July 9, 2013
July 5, 2013
• NCUA Loan Participation Rule Revision
July 1, 2013
• Compliance Monthly Newsletter July 2013
June 4, 2013
• Compliance Monthly Newsletter June 2013
May 6, 2013
• Compliance Monthly Newsletter May 2013
February 28, 2013
• Mandatory Purchase Of Flood Insurance Guidelines
February 20, 2013
• Compliance Monthly Newsletter Feb 2013
February 19, 2013
• Contests, Lotteries, GiveAways
January 29, 2013
• Foreign Remittance Transfer Rule Delay
January 8, 2013
• Compliance Monthly Newsletter January 2013