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News (CompliancePro Blog)

CFPB Finalizes Oct 3 2015 extension for TILA-RESPA Integrated Disclosures rule.

Made official yesterday (July 21, 2015), The Consumer Financial Protection Bureau (CFPB) moved the implementation date of the TILA-RESPA Integrated Disclosure Rule to October 3 2015. 

In addition the CFPB added technical corrections to conform to the new effective date of the rule.

The CFPB has, again,... More

Compliance Q & A – Disclosure of SAFE Act ID numbers

Q.  My credit union makes mortgage loans.  We have registered the CU and all of its mortgage loan originators (MLOs) with the Nationwide Mortgage Licensing System & Registry, and have obtained an NMLS ID number for the CU and separate NMLS IDs for our MLOs.  We are confused, however,... More

From the Woods Rogers team: Good News for Holders of Second Mortgages


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Supreme Court Rejects Chapter 7 Debtors' Ability to Void Underwater Second Deeds of Trust

Decision means lenders may recover more on... More

Compliance Q & A – Providing credit reports to members

Q.     If a credit union obtains a member’s credit report in connection with setting up an account or underwriting a loan, is it permissible for the credit union, as a routine practice, to provide the member with a copy of the credit report?


Short Answer - Probably... More

Compliance Alert - Researching the Virginia Code online

Virginia currently maintains several different resources online that can be used to research the Virginia Code and the Virginia Administrative Code online.  Please be aware that, as of July 1, 2015, the only online version of the code that will continue to be updated to reflect changes in the law... More

The Department of Labor Issues New Model FMLA Forms

By Brooks Duncan, Victor Cardwell, and Tom Winn
Woods Rogers PLC 
Labor and Employment Practice Group

As you have heard us say many times before, the FMLA forms provided by the Department of Labor ("DOL") are your "go to" forms. Don't alter a "good" thing and, these... More

Matz Concerned Payday Rule Changes Threaten CUs' Affordable PALs

May 6, 2015

DUBLIN (5/6/15)--Proposed changes to payday lending rules could prevent credit unions from making affordable payday alternative loans (PALs), National Credit Union Administration Chair Debbie Matz... More

Pearce-Sherman Bill Would Limit Enforcement/Litigation under TILA-RESPA Disclosure Rule

FROM CUNA's News Now

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... More

The New Requirement to Provide a List of HUD-Approved Homeownership Counselors: (For Some) It'll Be as Simple as Pressing a Button.

As of January 10, 2014, Regulation X will require mortgage lenders to provide the borrower with a written list of local HUD-approved homeownership counseling organizations not later than 3 business days after receiving an application. This requirement will apply to nearly all mortgages, and as of the... More

The CFPB’s New List of “Safe Harbor” Countries under Reg. E

(We all needed something to yawn about.)

On November 5, 2013, the CFPB published a list of “safe harbor” countries for purposes of Regulation E’s new rules covering international remittance transfers.  The good news is that nothing has really changed, and you do not need to do anything new. ... More

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