Regulatory Compliance
Login
THE WORKS BlogCredit Union Compliance News & Views

No Holiday Rest for CFPB

The holidays have definitely been a busy time for everyone. Buying presents and groceries and planning for holiday parties, it can really make things hectic. Showing no signs of slowing down during the holidays, the CFPB has recently released new prototype forms through the “Know Before You Owe” initiative. These forms represent the second release of forms that combine the HUD Settlement Statement and Truth-in-Lending disclosures to be given at consummation.

The CFPB is again asking for the public’s opinion on these new forms. In their December 13th blog post, the CFPB describes the two forms:

One is similar to the existing HUD-1 settlement statement that consumers now receive when they close a mortgage loan. The other is based on our prototype for the disclosure you get when you first apply.

Keeping with the tradition of naming these forms, the CFPB has named them “Mimosas” and “Sassafras.” Both forms are available for comment on the CFPB’s website.

As the New Year arrives, the CFPB has plans to have final versions of these forms available between now and February. So please take some time to look over the forms and provide your comments.

You may also like...