If you have followed any of my past blog posts, you may have noticed I have discussed the Consumer Financial Protection Bureau’s (CFPB) updates to the “Know Before You Owe” mortgage documentation program. I am happy to report that there is a new update to the this program. As you may have probably heard, the CFPB has been working on the initial and closing mortgage documents throughout the past year, and they have reached Round 3 for the mortgage loan closing documents.
 
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You may have read a few of my blog posts in the past few months updating you on the ongoing work of the Consumer Financial Protection Bureau (CFPB). A very big, recent update has been the appointment of a director for the CFPB. On Wednesday, January 4th, President Obama used a recess appointment to appoint Richard Cordray as the first director of the CFPB.
 
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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.
 
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As 2011 winds down, it seems we always need reminders of what needs to get done before the end of the year. We have to remember the gifts we need to buy for our loved ones. We need to remember the food that needs to be prepared and brought to the holiday meal. We have to remember to bring the nut roll to Aunt May’s holiday dinner. And we need to prepare our New Year’s resolutions for next year. One reminder that I would like to share, has to do with the compliance date for the updates to the NCUA Regulations for the Share Insurance official advertising statement.
 
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The Consumer Financial Protection Bureau (CFPB) has been very busy the past few months. They have released documention and information on initial mortgage disclosures and student loan disclosures through the “Know Before You Owe” initiative. Now, the CFPB has announced that they have created two new mortgage closing disclosures required by Regulation Z (Truth-in-Lending) and the Real Estate Settlement Procedures Act (RESPA).
 
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As you have probably heard me lament in previous posts, I have spent quite a bit of time this past year reviewing various policies for credit unions. Not all policies contain specific language required by the NCUA, but one policy that does have specific NCUA requirements is the Member Business Lending (MBL) policy.
 
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It would appear that Fall is truly upon us. You can definitely see the changes in the weather and in leaves turning different colors. There is another change for this Fall season that was just announced last week. The National Labor Relations Board will be delaying the effective date of the new employee rights poster rule to January 31, 2012.
 
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