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CFPB creates web page for mortgage rule simplification

cfpbThe Consumer Financial Protection Bureau recently announced that its new and pending mortgage rules, along with associated implementation materials, have been consolidated onto a single web page..

The information made available on the web page includes an overview of mortgage rules, small entity compliance guides, videos, quick reference charts, the 2013 rural or underserved counties list as well as other materials. Additional resources will be added to the page as they are created.

The web page was created for credit unions and other entities that are impacted by the bureau’s rules

“Our goal with this page is to provide access to our mortgage-related implementation resources though a single web page that makes the rule content more accessible for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff,” the CFPB said in a release.

The bureau also released a warning that the implementation materials are not to be used as a substitute for the underlying rules.

The Credit Union National Association will review the new web page during its upcoming Regulatory Advocacy Report. The association said it would ensure Dodd-Frank Act rules are included, small entity compliance guides and videos are included and each Federal Register notice is included.

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