Compliance News Corner

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. *****

The Connecticut Compliance Solution Compliance Newsletter, April 2014

Compliance Solutions Compliance Monthly Calender, March 2014

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 27, 2014
Tailored approach better to address any home-based CU issues, CUNA says
CU PolicyPro Newsletter January 2014

January 17, 2014
February 25th Network Meeting Agenda

January 6th, 2014
Compliance Solutions Calendar January 2014

Happy New Year!!

December 4, 2013
MM Survivors Guide to Determination of Ability to Repay 12-15-13 edition
Ability to Repay worksheet in Word – 12-1-13
Compliance Solutions Monthly Newsletter December

November 4, 2013
Compliance Solutions Monthly Calendar November 2013

October 15, 2013
Memo-Updates on CFPB’s Final Rule Regarding Financing Payment Protection Premiums and Fees on Mortgage Loans
CFPB-Updates-10-9-2013
CFPB-FAQs

October 1, 2013
Compliance Monthly Newsletter October 2013

August 15, 2013
• 
Memo: Ability To Replay – Qualified Mortgage Rule
 Guide: Ability To Repay – Qualified Mortgage Rule
Comparison Chart Ability To Repay – Qualified Mortgage Rule

August 9, 2013
Memo: Important Foreign Remittance Transfer Guidance
Guide: Important Foreign Remittance Transfer Guidance
Compliance Monthly Newsletter August 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 11, 2013
CFPB Finalized Clarifications and Updates for 2013 Mortgage Rules under TILA and RESPA

July 9, 2013
• 
Compliance Effective Dates Chart – July 9, 2013

July 8, 2013
• 
Memo: 2013 Dodd-Frank Mortgage Rules Readiness Guide
• 
Guide: Dodd-Frank Mortgage Rules Readiness Guide

July 5, 2013
• NCUA Loan Participation Rule Revision

July 1, 2013
Compliance Monthly Newsletter July 2013

June 28, 2013
Memo: Survivors Guide
Guide: Survivor’s Compliance Guide to the Revised Remittance Transfer Requirements rev 6-27-13
• Remittance Transfer Rule Summary

June 4, 2013
Compliance Monthly Newsletter June 2013

May 6, 2013
• Compliance Monthly Newsletter May 2013

March 6, 2013
Mandatory Purchase Of Flood Insurance Guidelines Rescinded
• Compliance Monthly Newsletter March 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