Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Compliance: Don't relax, escrow disclosures are still coming
WASHINGTON (1/22/13)--For those of you who have been dancing around your offices since the final escrow rule was issued by the Consumer Financial Protection Bureau because the proposed escrow disclosures were missing--your dance party will probably be short-lived, the compliance team at the Credit Union National Association warns.

As the CFPB notes several times in the "Supplementary Information" to the rule, the disclosure provisions will not be adopted "in this rule."  [Emphasis added]. 

As you may remember, last November, the CFPB published a rule that "delayed implementation of certain new mortgage disclosures".  The purpose of the delay is to give the industry extra time so that the "entire TILA-RESPA disclosure regime" can go into effect at once. The "TILA-RESPA disclosure regime" includes the proposed escrow disclosures.

So, although the final escrow rule issued last week, which takes effect June 1, only includes the amended definitions of "higher-priced mortgage loan" and "escrow accounts", expect to see the escrow disclosures show up in a final rule later this year.
RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
10 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
12 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
13 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
14 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
14 hours ago