The Consumer Financial Protection Bureau (CFPB) has finalized a series of new and amended regulations that will significantly impact mortgage lending and servicing. The majority of the new regulations will not go into effect until January 2014, but there are a few that will go into effect as early as June 2013.
All credit unions engaged in mortgage lending or servicing should become familiar with the new regulations now to determine whether, and to what extent, their own lending and servicing activities will be affected. The new regulations are summarized in the document noted below, and the League’s compliance team has prepared an online tool that will help credit unions make sense of the new regulations.
To download the tool, logon to InfoSight (http://va.leagueinfosight.com/), click on the “VACUL Publications & Guidance” subheading in the left menu, and follow the instructions. Or, if you have your InfoSight logon information readily available, click here.