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News Now

Washington
CFPB nomination hearing mortgage comment due date rescheduled
WASHINGTON (8/8/11)--Events surrounding two key Consumer Financial Protection Bureau (CFPB) issues, the congressional hearings on establishment of a director and the online comment period for a combined mortgage disclosure form, were both rescheduled last week. The Senate Banking Committee’s nomination hearing for Richard Cordray for the position of CFPB director is scheduled to take place the week of Sept. 6, possibly on Sept. 9. It was previously scheduled for Aug. 4. That nomination hearing, along with other Senate Banking and House Financial Services Committee hearings, was delayed last week as members of Congress left for their August recess. Some members of Congress returned for a late week vote to reauthorize funding for the Federal Aviation Administration, but the hearings were not rescheduled. The CFPB also extended the comment deadline for on the latest draft of its combined mortgage disclosure form to Aug. 10, from Aug. 8. This draft is the third of five planned versions of a combined form for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures. The CFPB plans to continue its revisions and release a single draft disclosure later in the year. The CFPB has specifically asked for comment on whether the form will help consumers understand closing costs associated with their loans. Credit unions can also comment on whether lenders and brokers will be able to clearly and easily explain the form to their customers, and can recommend any improvements that would clarify the form. The Credit Union National Association (CUNA), the leagues and credit unions have worked with the CFPB during the revision process, and CUNA has encouraged the CFPB to consider the needs of credit unions as it continues its work. For the latest CFPB release, use the resource link.
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