FTC Final Rule Bans Deceptive Mortgage Ads

The Federal Trade Commission (FTC) has issued a final rule, the Mortgage Acts and Practices (MAP) rulemaking, relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising. The final rule prohibits misrepresentation in any advertisement relating to mortgage credit products and imposes record retention requirements.

The MAP Rule, which becomes effective August 19, 2011, covers only entities over which the FTC has jurisdiction, including state-chartered credit unions. Federal credit unions are not directly affected by the rule; however their CUSOs are subject to the rule.

Click here to access the MAP Rule.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Advocacy News, Federal.